HomeMy WebLinkAbout1698 12. Pursuant to Sections -159.603(6) and (7), Florida
Statutes, and by Resolution No. 80-2 adopted on September 23, 1980,
Plaintiff has duly adopted a rule setting forth the. criteria for "eligible
persons," as that term is used in the Act, and "single family resi-
dences," each of which will constitute a "qualifying housing develop-
ment," as that term is used in the Act. The granting to Plaintiff by
the Legislature of the power to adopt such a rule is a proper delegation
of authority by the Legislature, and the .rule is reasonable, unam-
biguous, non-discriminatory and valid. A certified copy of Resolution
No. 80-2 is attached to the. Complaint as Exhibit "E" and was introduced
into evidence at the final hearing. "
13. The principal and interest on the Loans-to-Lenders
Bonds shall be payable solely from, and shall be secured by, the -pay-
ments to be made by Lenders under each Loan Agreement, reserves and
interest earnings described in Indenture I (collectively, the "Pledged
- Revenues") and a pledge of collateral consisting of direct obligations of ,
or obligations guaranteed by, the United States, obligations of the Bank
for Cooperatives, the Federal Intermediate Credit Bank, the Federal
Home Loan Bank System, the Federal Home Loan Mortgage Corporation,
the Export-Import Bank of the United States , Federal Land Banks , the
~ Federal National Mortgage Association, and the Government National
Mortgage Association, direct and general obligations of the State of
Florida, direct and general obligations of any municipality or agency of
"the State of Florida which are rated in either of the two highest cate-
gories by two nationally recognized rating services, mortgages insured
by the Federal Housing Administration or guaranteed by the Veterans
Administration, and certain mortgages on one-to-four family dwellings
(collectively , the "Collateral") . The principal and interest on the
~ Mortgage Loan Bonds shall be payable solely from, and shall be secured
by , the repayment of , and the proceeds from the sale of , the Mortgage
Loans; and certain insurance proceeds, reserves and interest earnings
r
described in Indenture II and the Financing Agreement (collectively,
the. "Pledged Funds" and shall be further secured b a led e
~ ) , y p g of the.
Mortgages and by an assignment of the Mortgage Notes . The Pledged
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