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1. Appropriate Application of Proceeds. <br />(a) The Finance Director shall ensure the timely expenditure of the proceeds of <br />governmental bonds by monitoring the application of all bond proceeds in <br />accordance with the source of funds used and in accordance with the <br />documents related to the issuance of the governmental bonds, including the <br />reimbursement of pre -issuance expenses. <br />(b) The Finance Director shall ensure the correct calculation and application of <br />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 thereunder, <br />including ensuring that bond proceeds are used only for public <br />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 in <br />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 />(ii) determine whether private security or payments that exclude the <br />de minimus limits set forth in Section 141(b) of the Code. <br />2 <br />4553512v1 <br />