Florida § 132.40 - Notice to holders of general obligation bonds to be redeemed; covenant with holders of general obligation refunding bonds.
Full text of Florida Florida Statutes § 132.40 — Notice to holders of general obligation bonds to be redeemed; covenant with holders of general obligation refunding bonds., with citation guidance and answers to common questions.
§ 132.40. Notice to holders of general obligation bonds to be redeemed; covenant with holders of general obligation refunding bonds.
(1) Prior to the issuance of general obligation refunding bonds, the governing body of the unit shall adopt a resolution electing to call and redeem such portion of the general obligation bonds to be refunded as is to be called for payment prior to the date of their maturity in accordance with the refunding financial plan. The resolution adopted pursuant to this subsection shall authorize and direct the escrow agent, in the name of the unit, to cause notice of such call for redemption to be given as required by law and the terms of the bonds to be refunded. (2) Upon the issuance of the refunding bonds, the election to call and redeem all or a portion of the general obligation bonds to be refunded and the direction to the escrow agent to cause notice thereof to be given contained in the resolution adopted pursuant to subsection (1) shall become irrevocable, and the provisions of such resolution shall constitute a contract with the holders of general obligation bonds to be refunded and the general obligation refunding bonds.
Source: official Florida text · Last verified 2026-08-27
Frequently Asked Questions About Florida § 132.40
What does Florida Statutes § 132.40 cover?
Section 132.40 ("Notice to holders of general obligation bonds to be redeemed; covenant with holders of general obligation refunding bonds.") is part of the Florida Statutes, the codified statutory law of Florida. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Florida § 132.40?
A common citation format is "Florida Statutes § 132.40" (Florida). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Florida law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Florida official source linked on this page or consult a licensed Florida attorney.
How does Florida § 132.40 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Florida can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Florida.