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Home My WebLink About1697 i the date of issuance) of the .Bonds will be fixed by resolution of the Plaintiff adopted prior to delivery of the Bonds. t 9. The Bonds are duly authorized pursuant to the Constitu- a lion and laws of the State of Florida, including the Act, and the issu- ance thereof has been duly authorized under and by virtue of the authority of the Enabling Resolution . ~ i 10. The Loans-to-Lenders Bonds may be issued for the valid - public purpose of making loans to lending institutions that would qualify _ - as Participants under the Financing Agreement (the "Lenders") , the proceeds of which shall be used by the Lenders to :make Mortgage Loans, as that term is defined in the Guidelines attached to each Loan Agreement and in the Financing Agreement (the - "Mortgage Loans") , within a reasonable period of time (not to exceed 16 months). The Mortgage Loan. Bonds may be issued for the valid public purpose of purchasing and taking assignments from "Participants," as that term is defined in the Financing Agreement (the "Partfcipants"), of Mortgage Notes, as that term is defined in the Financing Agreement (the "Mort- - gage Notes"), and mortgages securing the Mortgage Notes (the "Mortgages") executed in connectfon with Mortgage Loans. The Mort- ' gage Loans are to be made by the Lenders or Participants to persons of moderate, middle and lesser income meeting the criteria of "Eligible Persons and Families" set forth in the Loan Agreement and the Financ- ing Agreement ("Eligible Persons and Families"), for the construction; purchase, reconstruction, or rehabilitation of Single Family Residences, as that term is defined in the Loan Agreement and the Financing Agree- _ i went (the "Single Family Residences"). 3 11. Each Lender and Participant will constitute a qualified lending institution under the Act; each Eligible Person or Family will constitute an eligible person under the- Act and will be of moderate, 1 i middle or lesser income, as those terms are used in the Act; and each Single Family Residence will constitute a qualifying housing development ~ under the Act, whether it is in existence on the date of delivery of the r Bonds or constructed thereafter. -4- a~341 P~1~32 _ -