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108 <br />109 1. Appropriate Application of Proceeds. <br />1 1 o (a) The Finance Director shall ensure the timely expenditure of the proceeds of <br />111 governmental bonds by monitoring the application of all bond proceeds in <br />112 accordance with the source of funds used and in accordance with the documents <br />113 related to the issuance of the governmental bonds, including the reimbursement of <br />114 pre - issuance expenses. <br />115 (b) The Finance Director shall ensure the correct calculation and application of bond <br />116 proceeds pursuant to the Code by: <br />117 (i) confirming that any closing and /or allocation memorandum for the issuance <br />118 of the bonds is accurate in the deposits directed thereunder, including <br />119 ensuring that bond proceeds are used only for public purposes; and <br />120 (ii) through the draw request process, identifying requested expenditures that are <br />121 not eligible expenditures. <br />122 (c) The Finance Director shall monitor the use of all bond - financed facilities in order to: <br />123 (i) determine whether private business uses of bond - financed facilities have <br />124 exceeded de minimus limits set forth in Section 141(b) of the Code, and <br />125 (ii) determine whether private security or payments that exclude the de minimus <br />126 limits set forth in Section 141(b) of the Code. <br />127 <br />Page 5 of 12 <br />