HomeMy WebLinkAbout1700 the State of Florida and the Board of County Commissioners
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of St . Lucie County , Florida to constitute a threat to the
health, safety, morals and welfare of the State and the
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County , to deprive the State and the County of an adequate
Lax base and to cause the State and the County to make extra
expenditures for crime prevention and control , public health ,
welfare and safety, fire and accident protection, and other. "
public services and facilities .
(b) The use of public funding to stimulate mortgage
loans at reduced interest rates and favorable loan-to-value
ratios will stimulate the construction of new housing at af-
fordable prices, and will also assist in alleviating the shortage
of existing affordable housing by making low interest loans on
favorable terms available to eligible persons, thereby enabling
such persons to purchase sanitary, decent and safe housing
that they could not otherwise afford.
18. The use of public financing to stimulate loans to Eligible
Persons and Families at reduced rates and favorable loan to- value ratios
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will alleviate the shortage of housing and capital available for invest-
. ment- in housing and is a proper public -purpose.
19. The Bonds are limited obligations of Plaintiff and are
payable solely and only from the Pledged Funds . or the Pledged Reve-
Hues and the Collateral. In no event shall the Bonds or any interest
thereon be payable from the general revenues of Plaintiff . The Bonds
and the interest hereon do not constitute a debt, liability, general or
moral obligation, or pledge of the_ faith or loan of the credit of St.
Lucie County, the State of Florida, any political subdivision thereof
within the meaning of any constitutional or statutory provisions; neither
St. Lucie County nor the State of Florida nor any political subdivision
thereof shall be liable thereon; nor in any event shall the Bonds or
interest thereon be payable out of any funds or properties other than
those of Plaintiff and then only to the extent of the Pledged Funds, -the
Collateral or the Pledged Revenues, in the manner expressly provided
in the Enabling Resolution. Neither the faith and credit nor the taxing
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