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' ' (2) To covenant against pledging or assigning all or
<br />(1) By mandamus, suit, action, or proceeding at law or in egcity, to
<br />compel the housing finance authority and
<br />any part of any
<br />paYa•en s made pursuant to any loan agreement or pursuant to the
<br />any loan
<br />the members, officers,. agents,
<br />or employees thereof to perform each and
<br />sale of
<br />or loan commitment or against permitting or suffering any lien
<br />on such payments; and to
<br />every terra, provision, and
<br />covenant contained in any contract of the housing finance authority with
<br />covenant as to what other, or additional, debts
<br />obligations may be incurred by the
<br />or for the benefit of such obligee and to require the carr
<br />oauthoritut of
<br />re housing finance authority with
<br />respect to any qualifying housing development.
<br />or all of the covenants and agreements of the housing finance y
<br />and the fulfillment
<br />(3)
<br />of all duties imposed upon the housing finance
<br />authority by this act.
<br />To covenant as to.the bonds to be issued and as to the issuance
<br />Of such bonds in escrow or otherwise and as to
<br />(2) ey suit,
<br />the the use and disposition of
<br />thereof;
<br />action, or proceeding in equity, to enjoin any acts of
<br />things be
<br />the replacement
<br />destroyedeorsmutilatedbonds; to covenant against
<br />which may unlawful or the violation of any of the rights of the
<br />obligee by the housing finance
<br />extendingthemefor
<br />the payment of its bonds or interest thereon; and
<br />authority.
<br />to redeem the other
<br />bonds, covenant for their redemption, and provide the terms and
<br />conditions thereof,
<br />Section 18. Additional remedies conferrable by a housing finance
<br />authority. --A housing finance authority shall have power by resolution,
<br />trust indenture, or other
<br />(4) To create or to authorize the creation of special funds for
<br />moneys held for
<br />contract to confer upon any obligee holding or
<br />representing a specified amount in bonds, the sight, in
<br />construction costs, debt service, reserves, or other
<br />purposes; and to covenant as to the
<br />addition to all
<br />rights that may otherwise be conferred, upon the happening of an event of
<br />default
<br />construction and disposition of the
<br />moneys held in such special funds,
<br />as defined in such resolution or instrument, by suit, action,
<br />in of
<br />proceeding any court of competent jurisdiction:
<br />contract withpthecholderribe he any, bywhichthe terms
<br />tof procedure,ny bonds ifof
<br />a
<br />To obtain the appointment of a receiver of any payments made
<br />b
<br />the (1)
<br />amount of the bonds the holders of which must
<br />any loan agreement or sale of any loan. If such receiver be
<br />pursuant appointed, he
<br />consent thereto, and the
<br />manner in which such consent may be given,
<br />, may collect and receive all payments made pursuant to any
<br />such loan agreement
<br />or sale of any loan or loan commitment and shall keep
<br />such moneys in
<br />(6) To covenant as to the rights, liabilities, powers, and duties
<br />arising upon the breach
<br />a separate account or accounts and apply the same in
<br />accordance with the obligations of said housing finance authority as the.
<br />by the housing finance authority of any covenant,
<br />condition, or obligation; and
<br />court shall direct.
<br />to covenant and prescribe as to events of
<br />default and terms and conditions upon which any or all of its bonds
<br />obligations
<br />(2) To require the housing finance authority and the
<br />or
<br />shall become or may be declared due before maturity and as to
<br />the terms and conditions
<br />members thereof
<br />to account as if it and they were the trustees of an express trust.
<br />upon which duch declaration and its consequences
<br />'may be waived.
<br />Section 19. Availability of financing. ---As long
<br />(7) To vest in a trustee or trustees
<br />as a shortage of
<br />housing exists, a housing finance authority shall not unreasonably refuse
<br />to participate in
<br />or the holders of bonds or any
<br />proportion of them the right to enforce the
<br />the financing of any qualifying housing development
<br />upon request.
<br />payment of the bonds or any
<br />covenants securing or relating to the bonds; to
<br />vest in a trustee or
<br />trustees the right, in the event of a default by said housing finance
<br />authority, to collect
<br />Section 20. Liabilities of a housing finance authority. --in no event
<br />the payments made pursuant to any loan agreement or
<br />pursuant to the sale of any loan or loan
<br />shall the liabilities, yhether ex contractu or ex delicto, of a housing
<br />finance authority arising from
<br />commitment and to dispose of
<br />such rights in accordance with the agreement the
<br />the financing of any qualifying housing
<br />development be payable from any funds ocher than
<br />of housing finance
<br />authority with said trustee; to provide for the
<br />the revenues or receipts
<br />of such qualifying housing development.
<br />powers and duties bf a
<br />trustee or trustees and to limit the liabilities.thereof; and to provide
<br />the terms and conditions upon which
<br />Section 21.
<br />the trustee trustees the
<br />holders of bonds or any proportion of them
<br />Housing bonds exempted from taxation. --The bonds of a
<br />housing finance authority issued
<br />may enforce
<br />rce any covenana nt or
<br />tights securing or relating to the bonds,
<br />under this act, together with interest
<br />thereon and income shall be
<br />Section 15. Validation of bonds
<br />.therefrom, exempt from all taxes. The
<br />exemption granted by this section shall not be applicable to any tax
<br />imposed by
<br />and proceedings. --A housing finance
<br />authority shall determine its authority to issue
<br />chapter 220, Florida Statutes, on intecest, income, or profits
<br />on debt obligations owned
<br />any of its bonds, and
<br />the legality of all proceedings had or, taken in
<br />by corporations.
<br />connection therewith, in
<br />the same manner and to the same extent as provided in chapter 75, Florida
<br />Statutes, for the
<br />Section 22. The provisions of this act shall be construed
<br />liberally
<br />determination by a county, municipality, taxing
<br />district, or other political subdivision
<br />in order to effectively carry out the purposes of this act.
<br />of its authority, to incur bonded
<br />debt or to issue certificates of indebtedness and of the legality of all
<br />proceedings had
<br />Section 23. If any provision of this act or the application thereof
<br />or taken in connection therewith.
<br />to any person or circumstance is held invalid, the invalidity shall not'
<br />Section 16. Actions to contest validity of bonds. --An action or
<br />proceeding to
<br />affect other provisions or applications of the act which can be given
<br />effect without the invalid provision or application, and to this end the.
<br />contest the validity of any bond issued under this act,
<br />other than a proceeding
<br />Provisions of this act are declared severable.
<br />pursuant to section 15, must be commenced within
<br />30 days after notification in
<br />a newspaper of general circulation within
<br />the area of the passage by the housing • finance
<br />Section 24. Limitation'on rates. --The intent of this legislation Is
<br />that
<br />authority or the
<br />_ resolution authorizing the issuance of such bond.
<br />consumers receive maximum possible benefits; therefore, no lending
<br />institution
<br />receiving proceeds of bond issues pursuant to this act may
<br />17. Remedies of an obligee of a housing finance authority.--
<br />Section y�
<br />-An obligee
<br />loan any of the proceeds of such bond issue at the rate violative of
<br />of a housing finance authority shall .have the right, in
<br />federal arbitrage regulations,
<br />addition to all other rights which may be conferred
<br />Section 2S.' This act shall take effect Julybs b9i0.
<br />on such obligee,
<br />subject only*to any contractual restrictions binding upon such obligee;
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