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FLORIDA DEVELOPMENT FINANCE CORPORATION <br />NOTES TO FINANCIAL STATEMENTS <br />YEAR ENDED JUNE 30, 2017 <br />Note 3 - 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 />13 <br />