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FLORIDA DEVELOPMENT FINANCE CORPORATION <br />NOTES TO FINANCIAL STATEMENTS <br />YEAR ENDED JUNE 30, 2015 <br />Note 2 - Deposits and Investments <br />A. Deposits consist of the following at June 30, 2015 <br />Unrestricted <br />Demand deposits ' <br />Note 3 - Conduit Debt <br />$ 1,241,923 <br />$ 1,241,923 <br />In accordance with its mission and Chapter 288, Part X, Florida Statutes, FDFC has facilitated the issuance of <br />debt obligations whereby FDFC is merely a conduit issuer of bonds issued on behalf of borrowers. These <br />bonds do not constitute a general debt, liability or obligation of FDFC, the state, or any local government. <br />Additionally, FDFC has assigned all rights to receive payments from the borrowers to the bond purchaser in all <br />bond financing transactions. or assign all rights to receive payments to a financial institution providing an <br />irrevocable letter of credit which secures bondholders in typical credit enhanced transactions Assigned <br />payments are not included in the accompanying basic financial statements <br />12 <br />