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Treasury Regulations) would be treated as a reissuance for tax purposes <br />and, if so, confirm the filing of any new Form 8038 -0. <br />5. Direct Pay Bonds. <br />(a) In addition to the other requirements herein, should the City issue direct <br />pay bonds pursuant to Sections 54A through 54F of the Code, the Finance <br />Director shall also be responsible for: <br />5943171v1 <br />(i) <br />determining the amount of interest payable on each interest <br />payment date and the proper amount of refundable credit reported <br />on Form 8038 -CP; <br />(A) as appropriate, the Finance Director shall compare the <br />interest payment calculations to any independently- verified <br />report prepared at closing for the bond issue; and <br />(B) the Finance Director shall approve all disbursements. <br />(ii) preparing and timely filing all Forms 8038 -CP; <br />(A) timely filing of Form 8038 -CP shall be made to insure that <br />payments are timely made on the interest payment date and <br />such timely filing is ensured by the use of a third -party <br />filing agent; and <br />(B) in the case of bond issues with multiple maturities, a <br />separate Form 8038 -CP shall he filed for each maturity; <br />7 <br />33 <br />