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tions and cure delinquencies and an estimate* of time for the <br />conclusion of such legal proceedings. Such report shall be <br />audited by the certified public accountants of the County as part <br />of the annual County audit. Copies of such reports shall upon <br />written request be mailed to the Registered Owners. <br />H. GOVERNMENT APPROVALS. The County shall obtain all <br />necessary federal, state and local government approval3 necessary <br />for the acquisition and construction of the Project and the <br />issuance of the Bonds. <br />I. ARBITRAGE. NO use will be made of the proceeds of <br />the Bonds or the funds on deposit, from time to time, in the <br />Improvement Fund which, if reasonably expected on the date o;; <br />issuance of the Bonds, would cause the Bonds to be "arbitrage <br />bonds" within the meaning of the Internal Revenue Code. The <br />County at all times while the Bonds and the interest thereon are <br />outstanding will comply with the requirements of Section 103(c) <br />of the internal Revenue Code and any valid and applicable rules <br />and regulations of the Internal Revenue Service. <br />J. FUNDS AND ACCOUNTS. The designation and establish- <br />ment of the various funds and accounts created herein does not <br />require the establishment of any completely independent, self_ <br />balancing funds as such term is commonly defined and used in <br />governmental accounting, but rather is intended solely to consti- <br />tute an earmarking of certain revenues and assets of the County <br />for certain purposes and to establish certain priorities for <br />application of such revenues and assets as provided herein. <br />K. REMOVAL OF ASSESSMENT LIENS. Any owners of property <br />subject to the Assessments may, at their option, require the <br />County to release and extinguish the liens upon their property, <br />or portions thereof, by virtue of the levy of the Assessments, by <br />depositing with the Clerk of the Board, Federal Securities, the <br />Principal of and interest on which shall be sufficient to pay the <br />Assessments or the installments thereof, as the case may be, <br />attributable to such property owners and the property to be <br />released from such liens. Upon receipt of such Federal <br />-21- <br />