The issuer will establish routines for monitoring ongoing compliance that are consistent with discovering any noncompliance in a timely manner so that it may be corrected. While specific review processes are described in detail below, timing for such reviews will be as follows:
A. Private (Nonexempt) Use: All contracts, leases or other arrangements providing special legal entitlement to the use of bond financed facilities will be reviewed prior to execution to ensure that they will not cause private use limits to be exceeded with respect to any issue of bonds.
B. Arbitrage Compliance: With respect to each bond issue, the issuer will ensure that it understands at the time of bond closing which funds and accounts containing bond proceeds may become subject to yield restriction investment rules and will keep a record of the dates upon which such rules will begin to apply.
C. Rebate Compliance: While rebate calculations may be performed more often, the issuer will ensure upon the fifth anniversary date of the issuance date of the bonds, every five (5) years thereafter, and upon final retirement of the bonds, that either no rebate is owed or provision has been made for the payment of any rebate owed within sixty (60) days.
D. Change In Use/Ownership: Prior to executing any contract, lease or other document which would materially change the use of the bond financed project or selling of any bond financed property, the issuer will: 1) confirm that such change will not require a remedial action to be taken with respect to any bond issue; 2) take a remedial action, if necessary; or 3) discuss with bond counsel whether a voluntary closing agreement with the Internal Revenue Service is appropriate. (2019 Compilation)