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i) determine whether private security or payments have exceeded the <br />de minimus limits set forth in Section 141(b) of the Code. <br />2. Arbitrage Yield Restriction and Rebate Requirements. <br />The Finance Director shall monitor and calculate arbitrage, and shall coordinate and <br />maintain, or cause to be maintained, records of: <br />5943171v1 <br />(a) <br />Computations of the yield on the bonds by the City's financial advisor, and <br />purchases and sales of investments made with bond proceeds (including <br />amounts treated as "gross proceeds" of bonds under section 148 of the <br />Code) and receipts of earnings in those investments; <br />(b) Expenditures made with bond proceeds (including investment earnings on <br />bond proceeds) for the governmental purposes of the bonds; <br />(c) Calculations that will be sufficient to demonstrate to the Internal Revenue <br />Service ( "IRS ") upon an audit of a bond issue that, where applicable, the <br />City has complied with any available exception to the arbitrage rebate <br />requirement in respect of that bond issue; <br />(d) Calculations that will be sufficient to demonstrate to the IRS upon an audit <br />of a bond issue for which no exception to the arbitrage rebate requirement <br />was applicable, that the rebate amount, if any, was payable to the United <br />States of America in respect of investments made with gross proceeds of <br />that bond issue, was calculated and timely paid with Form 8038 -T timely <br />filed with the IRS; and <br />3 <br />29 <br />