TALLAHASSEE, Fla. (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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