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<br />Redempt.ion Picvi: icns" her-in.i
<br />The Series B P( -T1+- whi Ch }'AVe not Wien remarketed Rha; 1 be
<br />securel solely 1)y the Sea•rJPs R I lec9;e:i Revenues and will not be
<br />secuied on a parity with the Serine A Ptends. After the mandatory
<br />Tender Date, the Series 13 Bonds will 1>e sec -T ier3 1;y t.ho Pledged
<br />Revenues on a parity with the Serie, A Bands and any Additional
<br />Series B Ronds issued on the Mandat.ozy Tonder Date, (See *THE
<br />SERIES B BONDS -- Pledged Revenues" herein.) The Series 8 Bonds
<br />are subject to optional and mandatory red-irption and mandatory
<br />tender, in the manner described herein. (See "THS SBRI9S B Bt7l`tD8
<br />-- Redemption Provisions" and "-- Mandatory Tender Provisions'
<br />herein.) Additional Series B Bonds will be issued only in
<br />connection with a mandatory tender and remarketing of all or- a
<br />portion of the Series 13 Bonds.
<br />The proceeds of the Bonds, certain Com itTr.cnt Fees and certain
<br />other available monics will be used (i) to currently refund
<br />scheduled maturities and ))Ond3 being as a result. of
<br />mortgage loan scheduled payments and prepayments of th= Authority's
<br />(a) $1,955,000 Single Family Mortgage Revenue Bonds, Series 1989A
<br />and B, (b) $921:,000 Single Family Mortgage Revenue Bonds, Series
<br />1989c_, (c) $1 , B,'.0, 000 Single Family Mortgage Revenue Bonds, Series
<br />3990, (d) $1,495,000 Single Family Mortgage Revenue Bonds, Series
<br />1991A (Multi -County Program) and (e) $715,000 :Tingle Family
<br />Mortgage Revenue Bonds, Series 199; (Multi -County Program)
<br />(collectively, the "Refunded Bond ;") , (i i) to provide funds for a
<br />program (the "Program") pursuant_ to which the Authority will
<br />1urchase tully modified mortgage --backed securities ("GNMA
<br />Certificates") of the Government. National Mortgage Ass.7ciat ion
<br />("GNMA11) tacked by P.,c ole of qualifying FHA, VA or RECD mortgage
<br />loans and single; poral, mortgage -hacked securities ('Fannie )Sat
<br />Se_cuz ities") of t_he Federal National 14ortgage Asecciattcan ('Fannie
<br />Mae") backed by pools of qualifying conventional mortgage loans,
<br />which FKA insured, VA guaranteed, RECD guaranteed or conventional
<br />mortgage loans have been made Ly certain mortgage lending
<br />in&tituti(,%x (the "Participants") to qualified persons or families
<br />of low, rt,{.aderate or middle income, to finance the purchase of
<br />single 1-imi1y residences in Citrus, Recambfa. Gadsden. Hardee.
<br />Metnand(), iridian River, Leon, Marion, Okaloosa, Olteechalms. Santa
<br />Ross, st . 1,u, ie and Walton Counties and certain other Florida
<br />count i w w� de ■ i gaated by the Authority got part icipat ion in the
<br />Program (collectiVely, the 'CoUnttes•!. (11&1 under certain
<br />c i r russet apoos, to pay interest on the /Bede and certain prowsot
<br />SapOap" fbotsiV definew sed tins) ita Las of the come at
<br />les doom re l at i as to the goods, am ' f -L dOWSS am 0000 CI
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