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S <br />•• <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 or if the Bank <br />shall then be the Registered owner of any of the Bonds, a copy of <br />such report shall be mailed to the Bank without request therefor. <br />In addition, if the Bank shall then be the Registered Owner of <br />any of the Bonds, the County shall notify the Bank, at least <br />quarterly, of all releases of Assessment liens subsequent to the <br />date of the prior notice. <br />G. GOVERNMENT APPROVALS. The County shall obtain all <br />necessary federal, state and local government approvals necessary <br />for the acquisition and construction of the Project and the <br />issuance of the Bonds. <br />H. 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 of <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 />I. 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 />J. RE140VAL OF ASSESSMENT LIENS. Any owners of property <br />�ub;ect 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 />-7- <br />