Any significant change in the use of bond-financed property must be reported to the Vice President for Finance and Administration prior to implementation. The Vice President for Finance and Administration shall determine whether the proposed new use may constitute Private Business Use permitted under the Code.

Sale or Disposition of TEB-financed property other than due to normal wear, tear, or obsolescence must be reported to the Vice President for Finance and Administration prior to execution of any agreement of sale or other agreement of disposition. The Vice President for Finance and Administration shall consult with Bond Counsel as to the requirements of Applicable Federal Law applicable to such sale or other disposition and the appropriate “remedial action” permitted by the Code that must be undertaken by the University as a result of the potential sale or other disposition of the Bond-financed property.