Sarasota County Charter, January 2019

January 2019 edition 21 5.2B Preparation and Adoption. The proposed budget shall include all fiscal activities of this government and shall be combined into one unified budget for each fiscal year prepared on a uniform basis and given public notice and hearings, except as otherwise provided by general law. (Renumbered 8/31/2004) 5.2C Sections. The budget shall consist of two (2) sections. Section One shall relate to County-wide services and shall contain four (4) parts: Part I, Operating Fund; Part II, Debt Service Fund; Part III, Capital Improvement Fund; and Part IV, Intergovernmental Fund. Section Two shall contain a part for each Special District, Municipal Service Taxing Unit and Municipal Service Benefit Unit. (Subsection 5.2C Amended 8/31/2004.) 5.2D Bonding Limitations. Sarasota County, or any subdivision or instrumentality thereof, shall not issue or cause to be issued, without referendum, any notes, bonds, certificates of participation, or other instruments of indebtedness evidencing borrowing, obligating the County to pay off said indebtedness out of tax revenues of the County, unless the principal indebtedness or obligation evidenced by said instrument issued or caused to be issued prior to October 1, 2003 is in an amount no greater than Seventeen Million Dollars ($17,000,000.00). Beginning October 1, 2003 and each October 1 thereafter, the amount of the bonding limitation in effect shall be adjusted to reflect the percentage change in the Consumer Price Index (U.S. City Average All Workers) by using the most recent available information for the prior 12-month period. Any issuance of such notes, bonds, certificates of participation or other instrument of indebtedness in a principal amount exceeding that fiscal year's bonding limitation must have prior approval by majority vote at a referendum specifically authorizing the issuance of such an instrument of indebtedness in excess of that year's bonding limitation. For purposes of this section, certificates of participation are obligations evidencing an undivided proportionate interest in rental payments made pursuant to a lease entered into by the County whereby such rental payments made by the County