Rule 4-3-1.9 - Covenant, Contractual and Memoranda of Understanding Monitoring(a) On an annual basis, review project specific covenants, contractual requirements, Memoranda of Understanding and any side agreements and document the findings of these within the project's annual report.(b) Perform a review of the reserve fund to ensure that the terms of the agreement are being upheld (where applicable).(c) Perform covenant monitoring to ensure that no covenants are being violated by either party to the agreements.(d) Perform insurance monitoring to insure the state is not exposed under the terms of the various project agreements (where applicable).Miss. Code Ann. § 7-7-211.