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FLORIDA DEVELOPMENT FINANCE CORPORATION <br />MANAGEMENT'S DISCUSSION AND ANALYSIS <br />JUNE 30, 2017 <br />Economic Factors <br />FDFC's primary business is the issuance of tax exempt revenue bonds, which are permissible under the U.S. <br />Internal Revenue Service's private activity regulations and Chapter 288, Part X, Florida Statutes. Those <br />regulations, subject to a number of limitations and restrictions, allow small manufacturers and non-profit <br />corporations to finance capital assets with tax exempt bond proceeds. <br />FDFC's revenues, other than expense reimbursements from All Aboard Florida, are exclusively generated by <br />fees charged for issuance of bonds, and the volume of bond issuance can be directly impacted by general <br />economic conditions and perception of policies for conduit issuance by potential borrowers and their finance <br />team. <br />Requests for Information <br />This financial report is designed to provide a general overview of FDFC's finances for all those with an interest <br />in FDFC's finances. Questions concerning any of the information provided in this report or requests for <br />additional information should be addressed to: <br />Bill Spivey <br />Executive Director <br />800 North Magnolia Avenue, Suite 1100 <br />Orlando, Florida 32803 <br />