Tallahassee, FL (AP) - The Florida Supreme Court has approved
financing for the state's purchase of 46,200 acres from U.S. Sugar
Corp. for Everglades restoration.
The justices Thursday ruled that the South Florida Water
Management District can use a form of bond financing known as
certificates of participation.
They rejected arguments by the Miccosukee Tribe of Indians that
the land deal will not serve a public purpose.
The financing was originally proposed for 73,000 acres but the
district since then has bought 26,800 acres with cash.
The high court, though, ruled an option to buy additional land
in the future does not serve a public purpose and, therefore,
certificates of participation cannot be used to for those expenses.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
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