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901- 319.AG <br />12 <br />Costs for which Bond Proceeds may be utilized. The City shall <br />submit such proposed obligations to the County's Chief Financial <br />Officer for approval prior to incurring such obligations, if the <br />obligations are intended to be paid from Bond Proceeds. Upon <br />approval by the County's Chief Financial Officer, the payment of <br />principal and interest upon such approved short term obligations <br />shall be a proper object of expenditure of Bond Proceeds. <br />Article VI. REPORTING REOUIREMENTS. <br />6.1. Reporting Schedule. During implementation of the <br />Projects, the City shall provide the County and the Citizens <br />Oversight Committee semi annual reports describing Project <br />implementation status. Such reports shall contain such <br />information and shall be in a format all as specified by the <br />County. The Report shall be submitted no later than the <br />twentieth working day of January and July of each year during <br />which such reports are required. <br />Article VII. TAX COVENANTS. <br />7.1. preservation of Tax Exempt Status. If the County <br />issues Tax Exempt Bonds to provide funds for the Projects, in <br />addition to all other requirements set forth in this Agreement, <br />so long as such Bonds are outstanding or for twenty years after <br />the first disbursement of Bond Proceeds, whichever is longer: <br />(a) The City will not use or permit to be used any of <br />the Bond Proceeds or the property or facilities acquired, <br />