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XI. OBLIGATIONS OF THE RECIPIENT RELATING TO THE USE OF BOND <br /> PROCEEDS <br /> 1 . FCT is authorized by Section 380.510, Fla. Stat. to impose conditions for funding on <br /> the Recipient in order to ensure that the project complies with the requirements for the use of Florida <br /> Forever Bond proceeds including, without limitation, the provisions of the Internal Revenue Code <br /> and the regulations promulgated thereunder as the same pertain to tax exempt bonds . <br /> 2 . The Recipient agrees and acknowledges that the below listed transactions, events, and <br /> circumstances, collectively referred to as the "disallowable activities, " may be disallowed on the <br /> Project Site as they may have negative legal and tax consequences under Florida law and federal <br /> income tax law. The Recipient further agrees and acknowledges that these disallowable activities <br /> may be allowed up to a certain extent based on guidelines or tests outlined in the Federal Private <br /> Activity regulations of the Internal Revenue Service: <br /> a. any sale or lease of any interest in the Project Site to a non-governmental <br /> person or organization; <br /> b. the operation of any concession on the Project Site by a non-governmental <br /> person or organization ; <br /> C. any sales contract or option to buy or sell things attached to the Project Site <br /> to be severed from the Project Site with a non-governmental person or <br /> organization; <br /> d . any use of the Project Site by a non-governmental person other than in such <br /> person' s capacity as a member of the general public ; <br /> e. any change in the character or use of the Project Site from that use expected <br /> at the date of the issuance of any series of Bonds from which the <br /> disbursement is to be made ; <br /> f. a management contract for the Project Site with a non-governmental person <br /> or organization ; 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 /> 3 . If the Project Site, after its acquisition by the Recipient and/or the Trustees, is to <br /> remain subject to any of the disallowable activities, the Recipient shall provide notice to FCT, as <br /> provided for in paragraph V. I ., at least sixty (60) calendar days in advance of any such transactions, <br /> events or circumstances, and shall provide to FCT such information as FCT reasonably requests in <br /> order to evaluate for approval the legal and tax consequences of such disallowable activities. <br /> 07-039-FF7 <br /> Dec 13, 2007 <br /> Pre-acquisition <br /> - 13 - <br />