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901- 319.AG <br />Within said fund or funds, Bond principal will be distributed to <br />the City in accordance with the schedule attached hereto as <br />Attachment A. <br />5.2. Ivrestmwt of Bond Proceed. The County, through its <br />Office of Financial. Management, shall be responsible for placing <br />investments of cash balances. The County will be responsible for <br />arbitrage calculations and related actions required by the Code <br />to ensure compliance with arbitrage regulations. The City shall <br />maintain complete and accurate records of all expenditures and <br />any investment of Bond Proceeds by the City and shall provide all <br />information requested by the County to assure such compliance. <br />5.3. Distribution of Interest garning$. Interest earnings <br />on the principal Bond Proceeds will be distributed to the City on <br />a periodic basis, and will be calculated based on the unspent <br />balance of all City Projects. The County will allocate such <br />interest earnings to specific City Projects according to the <br />City's instructions. Interest earnings available for <br />distribution will be reduced as necessary to provide for any <br />rebate payments required by the Code due to arbitrage earnings on <br />bond Proceeds. Any interest earnings withheld in excess of <br />required rebate payments will be distributed to the City <br />pro -rata, based on the City's share of all interest earnings <br />received on Bond Proceeds. <br />5.4. Bond Proceeds Disbursement. <br />Bond Proceeds will be disbursed to the City upon receipt and <br />verification by the Open Spaces Office of properly completed <br />9 <br />