HomeMy WebLinkAbout1699 Funds and the Pledged Revenues shall each be in such amounts and
payable at such times as will provide for the payment of the principal
of, redemption premium, if any, and interest on, Mortgage Loan Bonds
and the Loans-to-Lenders Bonds, respectively, as the sane shall become
due and payable .
14. If the Bonds should be issued under the terms and
provisions of Indenture I between Plaintiff and a trustee to be hereafter
selected by Plaintiff , the Pledged Revenues and the Collateral will be
deposited with the trustee as security for the payment of the Bonds .
If the Bonds should be issued under the terms and provisions of Inden-
ture II between Plaintiff and a trustee to be hereafter selected by
Plaintiff, the Pledged Funds will be deposited with, and the Mortgage -
Notes and Mortgages will be assigned to- and held by, the trustee as
security for the payment of the Bonds. The trustee shall have a first
priority security interest in the Pledged Revenues and Collateral and/or
in -the Pledged Funds , the Mortgage Notes and the Mortgages , as the
case may be.
15. Plaintiff is authorized under .the Act to apply the pro-
ceeds received from the sale of the Bonds to make or purchase Mort-
~ gage Loans, to _ fund reserves, to pay interest premiums and to pay
specified costs of issuance of the Bonds, all as set forth in Indenture I
~ and Indenture II. -
16. Plaintiff has lawful power and authority to enter into the
Financing Agreement, the Loan Agreements, Indenture I and Indenture
II, to accept the Offers, to pledge the Pledged Funds, the Collateral,
the Pledged Revenues and the Mortgages to the payment of the Bonds,
to assign the Mortgage Notes in the manner provided in Indenture II ,
- and to take all other actions contemplated in the Financing Agreement,
the Loan Agreement, Indenture I, Indenture II and the Offers.
17. Plaintiff has, after due and proper proceedings, deter-
mined that: -
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4 (a) There is a shortgage in St. Lucie County of hous-
ing available at prices which many persons or -families can
afford, which shortage has been found by the legislature of
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ae~x34~. Pa~E1694
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