2005-356 (2) - Laserfiche WebLink

Home Browse Search

X. GENERAL OBLIGATIONS OF THE RECIPIENT AS A CONDITION OF PROJECT FUNDING 1 . The interest acquired by the Recipient in the Project Site shall not serve as security for any debt of the Recipient . 2 . If the existence of the Recipient terminates for any reason, title to the Project Site shall be conveyed to the Trustees unless FCT negotiates an agreement with another local government, nonprofit environmental organization , the Florida Division of Forestry, the Florida Fish and Wildlife Conservation Commission , the Department of Environmental Protection or a Water Management District who agrees to accept title and manage the Project Site . 3 . Following the reimbursement of Project Costs , the Recipient shall ensure that the future land use designation assigned to the Project Site is for a category dedicated to open space , conservation or outdoor recreation uses , as appropriate . If an amendment to the applicable comprehensive plan is required, the amendment shall be proposed at the next comprehensive plan amendment cycle available to the Recipient subsequent to the reimbursement of Project Costs . 4 . FCT staff or its duly authorized representatives shall have the right at any time to inspect the Project Site and the operations of the Recipient at the Project Site . XI . OBLIGATIONS OF THE RECIPIENT RELATING TO THE USE OF BOND PROCEEDS 1 . FCT is authorized by Section 380 . 510 , Fla. Stat . to impose conditions for funding on the Recipient in order to ensure that the project complies with the requirements for the use of Florida Forever Bond proceeds including, without limitation, the provisions of the Internal Revenue Code and the regulations promulgated thereunder as the same pertain to tax exempt bonds . 2 . The Recipient agrees and acknowledges that the below listed transactions , events, and circumstances , collectively referred to as the " disallowable activities , " may be disallowed on the Project Site as they may have negative legal and tax consequences under Florida law and federal income tax law . The Recipient further agrees and acknowledges that these disallowable activities may be allowed up to a certain extent based on guidelines or tests outlined in the Federal Private Activity regulations of the Internal Revenue Service : a . any sale or lease of any interest in the Project Site to a non-governmental person or organization ; b , the operation of any concession on the Project Site by a non-governmental person or organization ; 05-039-FF5 October 13 , 2005 Reimbursement - 13 -