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1. Appropriate Application of Proceeds. <br />(a) The Finance Director shall ensure the timely expenditure of the proceeds <br />of governmental bonds by monitoring the application of all bond proceeds <br />in accordance with the source of funds used and in accordance with the <br />documents related to the issuance of the governmental bonds, including <br />the reimbursement of pre -issuance expenses. <br />(b) The Finance Director shall ensure the correct calculation and application <br />of bond proceeds pursuant to the Code by: <br />(i) <br />confirming that any closing and/or allocation memorandum for the <br />issuance of the bonds is accurate in the deposits directed <br />thereunder, including ensuring that bond proceeds are used only <br />for public purposes; and <br />(ii) through the draw request process, identifying requested <br />expenditures that are not eligible expenditures. <br />(c) The Finance Director shall monitor the use of all bond -financed facilities <br />in order to: <br />(i) <br />determine whether private business uses of bond -financed facilities <br />have exceeded de minimus limits set forth in Section 141(b) of the <br />Code, and <br />4553512v1 <br />2 <br />