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<br />2. <br /> <br />C. <br /> <br />D. <br /> <br />E. <br /> <br />3. <br /> <br />Proceeds from the disposition of equipment purchased with FEZ <br />funds. <br />Gross income from the use or rental of real or personal property <br />acquired by the CONTRACTOR with FEZ funds, less the costs <br />incidental to the generation of such income; <br />Gross income from the use or rental of real property owned by the <br />CONTRACTOR that was constructed or improved with FEZ funds, <br />less the costs incidental to the generation of such income; <br />Payments of principal and interest on loans made using FEZ funds; <br />Proceeds from the sale of loans made with FEZ funds; <br />Proceeds from the sale of obligations secured by loans made with <br />FEZ funds; <br />Interest earned on funds held in a revolving fund account; <br />Funds collected through special assessments made against <br />properties owned and occupied by households not of low and <br />moderate income, where such assessments are used to recover all <br />or part of the FEZ portion of a public improvement. <br /> <br />4. <br /> <br />5. <br />6. <br />7. <br /> <br />8. <br />9. <br /> <br />Program income does not include income on grant advances from the U.S. <br />Treasury. The following items of income earned on grant advances must be <br />remitted to HUD for transmittal to the U.S. Treasury. <br /> <br />1. <br /> <br />Interest earned from the investment of the initial proceeds of a grant <br />advance by the U.S. Treasury; <br /> <br />2. <br /> <br />Interest earned on loans or other forms of assistance provided with <br />FEZ funds that are used for activities determined by HUD either to be <br />ineligible or to fail to meet a national objective or other federal criteria. <br /> <br />3. <br /> <br />Interest earned on the investment of amounts reimbursed to the FEZ <br />program account prior to the use of the reimbursed funds for eligible <br />purposes. <br /> <br />The receipt of program income (as defined in Paragraph iliA hereinabove) <br />by CONTRACTOR in the operation of said program shall be recorded by <br />CONTRACTOR and reported to CITY. <br /> <br />Program income received by CONTRACTOR shall be returned to CITY <br />unless otherwise provided for in this Agreement. <br /> <br />IV. <br /> <br />NONDISCRIMINATION <br /> <br />CONTRACTOR agrees that no person on the ground of race, color, national origin, <br />religion or sex will be excluded from participation in, be denied the benefits of, or be <br />subjected to discrimination under any program or activity funded in whole or in part <br />with FEZ funds. <br /> <br />Page 6 of 14 <br />