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• <br />• <br />VI. OBLIGATIONS OF THE RECIPIENT RELATING TO THE USE <br />OF BOND PROCEEDS <br />I. FCT is authorized by Sections 375.045(4) and 380.510(7)(a) and (b), F.S., to <br />impose conditions for funding on Recipient in order to ensure that the project complies with the <br />requirements for the use of Preservation 2000 Bond proceeds including without limitation the <br />provisions of the Internal Revenue Code and the regulations promulgated thereunder as the same <br />pertain to tax exempt bonds. <br />2. If the project site is to remain subject, after its acquisition by the Recipient and/or <br />the Trustees, to any of the below listed transactions, events, and circumstances, the Recipient <br />shall provide at least 60 days advance written notice of any such transactions, events, and <br />circumstances to FCT, and shall provide to FCT such information with respect thereto as FCT <br />reasonably requests in order to evaluate the legal and tax consequences of such activity or <br />interest. Recipient agrees and acknowledges that the following transactions, events, and <br />circumstances may be disallowed on the project site as they may have negative legal and tax <br />consequences under Florida law and federal income tax law. The Recipient further agrees and <br />acknowledges that the following transactions, events, and circumstances may be allowed up to a <br />certain extent based on guidelines or tests outlined in the Federal Private Activity regulations of <br />the Internal Revenue Service: <br />organization; <br />a. any sale or lease of any interest in the project site to any person or <br />b. the operation of any concession on the project site by any person or <br />organization; <br />C. any sales contract or option to buy things attached to the project site to be <br />severed from the project site, with any person or organization; <br />d. any use of the project site by any person other than in such person's <br />capacity as a member of the general public; <br />e. any change in the character or use of the project site from that use <br />expected at the date of the issuance of any series of Bonds from which the disbursement is to be <br />made; <br />f. a management contract of the project site with any person or organization; <br />or <br />g. such other activity or interest as may be specified from time to time in <br />writing by FCT to the Recipient. <br />The foregoing are collectively referred to as the "disallowable activities." <br />Contingent/Joint Acquisition/99-074-P9A <br />11/30/1999 <br />FINAL 12 <br />