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• for the nra%ina of new mcrtgages for any qualifying housing •development,
<br />Or _o:tien thereof, located w•holl ,
<br />1 O;e;zt.on o. such housing Y or oartial.y within the area of
<br />' ` nc finance authorit
<br />Y• Prior to main
<br />1 ndi ins:i:ution which mak 5 a loan to a
<br />s such loans or provides such finar.cin,,
<br />the lending institution mustscree to use the proceeds of suc:1 1n.�n
<br />within a reasonable parted of time to make loans or to otherwise provide
<br />II -financing for the acquisition, construction, reconstruction, or
<br />rehabilitation of a housing development or portion thereof, and .the
<br />housing finance authority must find that such loan will assist in
<br />al:eviating the shortage of housing and of capital for
<br />housing within its area of operation. investment in
<br />(4) :o invest, at the direction of the lending institution, any funds
<br />held in reserves or sinking funds or any funds not required. for immediate
<br />dish= se-ent in property or securities in which lending
<br />legally inveinstitutions may
<br />St funds subject to their control.
<br />Section 9. Limitation. --;;o housing finance authority shall finance
<br />the acc-Isition, construction, reconstruction, or rehabilitation of any
<br />qualifying housing development for its own' profit or as a source of
<br />i revenue to the state or any local governmental unit.
<br />' Section 10. NO power of eminent domain. --:7o housing finance authority
<br />shall have the power to acquire any real property by the exercise of the
<br />Power of eminent domain to accomplish any of the purQosos specified in
<br />this act.
<br />ho Sec in 11. Planning, zoning, and building•laws.--Each qualifying
<br />housing development shall be subject to the planning, zoning, health, and
<br />5 , ordinances, and regulations applicable to the place in
<br />which such qualifying housing development is situate.
<br />Section 12. Bonds. --
<br />(1) A housing finance authority nay issue revenue bonds from time to
<br />time in the discretion of the housing finance authority for the purposes
<br />Of this act. A housing finance authority may also issue refunding bonds
<br />for the purpose of paying, retiring, or refunding bonds previously issued
<br />may deteznA housing
<br />uprovidinanced eth
<br />authority may issue such types of bonds as it
<br />Principal and interest on such bonds are
<br />payable solely and only from:
<br />(a) The repayment of any loans made by the housing finance authority
<br />pursuant to the provisions of section 8 or purchased by the housing
<br />finance authority pursuant to section 8; or
<br />(b) The sale of any housing loans or commitments to purchase housing
<br />loans which are purchased pursuant to section 8.
<br />(2) Any bonds issued pursuant to the provisions of this act shall be
<br />secured by a mortgage or other security device.
<br />(3) in no event shall any bonds issued pursuant to the provisions of
<br />this act be payable from the general revenues of the housing finance
<br />authority,
<br />(4) %either the members of a housing finance authority nor any person
<br />executing the bonds shall be liable personally on the bonds by reason of
<br />the hereof. andcGhethereof.
<br />sha'lThe
<br />so state onissued
<br />their face,Jant shallonotthe
<br />beroalJdebt
<br />of the county ,or the state, or any political subdivision thereof; and
<br />neither the ccunty, nor any state or political subdivision thereof, shall
<br />be liable thereon; nor in any event shall such bonds or obligations be
<br />payable out of any funds or properties other than those of the houuing
<br />• finance authority.
<br />• S
<br />Section 13. Form and sale of bonds. --
<br />(1) Bonds of'a housing finance authority issued pursuant to this act
<br />shall be authorized by a resolution of the housing. finance authcrity an
<br />d
<br />may be issued in one or more series and shall bear such dates, -`
<br />a ure at
<br />such times, bear interest at such rates, be in such denominatiors,be inf
<br />such form, either coupon or registered, carry such conversion or
<br />re^_istration privileges, hate such rank or priority, be executed by such
<br />members of the housing finance authority and in such manner, be payable
<br />in such mean of payment at such places, and be subject to such ter=s of
<br />redemption, with or without premium, as such resolution or any trust
<br />indenture entered into pursuant to such resolution may provide, provided,
<br />however, that the provisions of s. 215.685 shall apply.
<br />(2)(a) The bonds issued by the authority shall be sold by the
<br />authority at public sale substantially in the manner provided by s.
<br />215.68(5)(b) and (c), unlc!s otherwise approved by the State Board of
<br />Administration; provided, that such requirement shall be decr.ed waived if
<br />(i) the State Board of Administration has not recpo:ded in writing within
<br />30 days from the date of ahnlication, or (ii) if: (A) the bonds are rated
<br />by at least one nationally recognized rating service in any one of the
<br />three highest classifications approved by the Co-ptroller of the Currency
<br />for the investment of funds of national banks; (3) an appropriate
<br />certification and opinion of counsel pursuant to the applicable arbitra3e
<br />reglatiodelinSection lcrInternal
<br />the rnbondst; and (C). the
<br />Official statement issued in connection with the sale of the bonds has
<br />been filed with the State Board of Administration prior to the closing.
<br />(b) In the event an offer of an issue of bonds at public sale
<br />produces no bid, or in the event all bids received are rejected, the
<br />authority is authorized to negotiate for the sa:c of such bords'under
<br />such rates and terms as are acceptable; provided, however, that no such
<br />bonds shall be so sold or delivered on terms less favorable than the
<br />terms contained in any bids rejected at the public sale thereof, or the
<br />terms contained in the notice of public- sale if no bids were received at
<br />such public sale.
<br />• (3) In case any member of the housing finance authority whose
<br />signature appears on the bonds or coupons shall cease to be a center
<br />before the delivery of the bonds or coupons, such bonds shall,'
<br />nevertheless, be valid -and sufficient for all purposes, the same as if
<br />Such member had remained in office until such delivery. Any•provision of
<br />law to the contrary notwithstanding, any bonds issued pursuant to this
<br />act shall be fully negotiable.
<br />(4) In any suit, action, or proceeding involving the validity or
<br />enforceability of any bond of a housing finance authority or the security
<br />therefor issued pursuant hereto, any such bond reciting in substance that
<br />it has been issued by the housing finance authority to azzist in
<br />providing financing of a qualifying housing develop:,cnt to alleviate the
<br />shortage of housing in its area of operation shall be conclusively dcesgd
<br />to have been issued for a qualifying housing development of such
<br />character.
<br />Section 14. Provisions of bonds and trust indentures. --In connection
<br />with the issuance of bonds and in order to secure the' payment of such
<br />bonds, a housing finance authority, in addition to the other. powers
<br />granted pursuant to this act, shall have power:
<br />(1) To pledge all or any part of any payment made to the housing
<br />finance authority pursuant to any loan agreement or pursuant to a sale of
<br />any loan or loan commitment.
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