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29 <br />ii. an annual physical inspection of the facilities financed with the <br />proceeds of such obligations, conducted by the Finance Director with <br />the assistance of any City staff who have the primary responsibility for <br />the operation, maintenance, or inspection of such obligation -financed <br />facilities. <br />c. Changes in the project that impact the terms or commitments of the <br />obligation are properly documented and necessary certificates or opinions <br />are on file. <br />6. Additional Undertakings and Activities that Support Sections 1 through 5 above: <br />a. The Finance Director will notify the City's bond counsel, financial advisor <br />and arbitrage provider of any survey or inquiry by the IRS immediately <br />upon receipt (Usually responses to IRS inquiries are due within 21 days of <br />receipt. Such IRS responses require the review of the above mentioned data <br />and must be in writing. As much time as possible is helpful in preparing the <br />response). <br />b. The Finance Director will consult with the City's bond counsel, financial <br />advisor and arbitrage provider before engaging in post -issuance credit <br />enhancement transactions (i.e. bond insurance, letter of credit, or hedging <br />transactions (i.e. interest rate swap, cap). <br />C. The Finance Director will monitor all "qualified tax-exempt debt <br />obligations" within the first calendar year to determine if the limit is <br />exceeded, and if exceeded, will address accordingly. For tax-exempt debt <br />obligations issued during years 2009 and 2010, the limit is $30,000,000 <br />(The limit was $10,000,000 prior to 2009. In 2011 and thereafter it will <br />remain at $10,000,000 unless changed by Congress). During this period, the <br />limit also applies to pooled financings of the governing body and provides a <br />separate $30,000,000 for each 501 (c)(3) conduit borrower. <br />d. Comply with Continuing Disclosure Requirements. <br />i. If applicable, the timely filing of annual information agreed to in the <br />Continuing Disclosure Certificate. <br />ii. Give notice of any Material Event. <br />e. Identify any post -issuance change to terms of bonds which could be treated <br />as a current refunding of `old" bonds by "new" bonds, often referred to as a <br />"reissuanee". <br />f. The Finance Director will consult with the City's bond counsel prior to any <br />sale, transfer, change in use or change in users of obligation -financed <br />property which may require "remedial action" under applicable Treasury <br />Regulations or resolution pursuant to the VCAP Program. <br />A remedial action has the effect of curing a deliberate action taken by the <br />City which results in satisfaction of the private business test or private loan <br />test. Remedial actions under Section 1.141-12(d)(e) and (f) include the <br />