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FLORIDA DEVELOPMENT FINANCE CORPORATION <br />NOTES TO FINANCIAL STATEMENTS <br />YEAR ENDED JUNE 30, 2015 <br />Note 3 - Conduit Debt (continued) <br />FDFC recognized $552,268 of issuance revenue in the fiscal year ended June 30, 2015 FDFC facilitated the <br />authorization and issuance of $193,210,000 of new bonds and $29,250.000 of refunding bonds in the current <br />fiscal year <br />Note 4 - Related Party Transactions <br />FDFC enters into bond financing transactions on behalf of borrowers with various financial institutions who have <br />been approved by FDFC's Board of Directors. Certain Board members are affiliated with these financial <br />institutions, which issue letters of credit that secure payment of the bonds It is management's opinion that <br />these transactions have been conducted at arm's length <br />EFI provides certain administrative services on behalf of FDFC During the year ended June 30, 2015, EFI <br />charged FDFC $50,000 for the provision of these services. <br />14 <br />I <br />24 <br />