Record Retention Procedure Sample Clauses

Record Retention Procedure. The District recognize (1) that investors purchase the Bonds with the expectation that interest on the Bonds is excluded from gross income for federal income tax purposes, (2) that the tax-exempt status of interest on the Bonds depends on the accuracy of the representations and the satisfaction of the covenants contained herein by the District, many of which relate to matters that will occur after the date the Bonds are issued, and (3) that as part of its ongoing tax-exempt bond audit program the IRS requires that records be created and maintained with respect to the following matters: (1) Documentation evidencing an allocation of expenditures of Xxxx proceeds in sufficient detail to determine the date of the expenditure and the asset acquired or the purpose of the expenditure. (2) Documentation evidencing use of Bond-financed property by public and private persons (e.g., copies of Leases, Management Agreements or Research Agreements). (3) Documentation evidencing all sources of payment or security for the Bonds. (4) Documentation pertaining to any investment of the gross proceeds of the Bonds (including the purchase and sale of securities, SLGs subscriptions, actual investment income received from the investment of proceeds, and guaranteed investment contracts. (5) Arbitrage rebate reports and/or opinions. The Tax Compliance Procedures provide that the District will create and retain, or cause to be created and maintained, the records and documentation listed above.

Record Retention Procedure. The Trustee, the Issuer and the Borrower recognize (1) that investors purchase the Bonds with the expectation that interest on the Bonds is excluded from gross income for federal income tax purposes, (2) that the tax-exempt status of interest on the Bonds depends on the accuracy of the representations and satisfaction of the covenants contained herein by the Borrower, many of which relate to matters that will occur after the date the Bonds are issued, and (3) that as part of its ongoing tax-exempt bond audit program the IRS requires that records be created and maintained with respect to the following: (1) Documentation evidencing an allocation of expenditures of Xxxx proceeds in sufficient detail to determine the date of the expenditure, the asset acquired or the purpose of the expenditure. (2) Documentation evidencing use of Bond financed property by public and private persons (i.e. copies of Management Agreements or leases). (3) Documentation evidencing all sources of payment or security for the Bonds. (4) Documentation pertaining to any investment of Bond proceeds (including the purchase and sale of securities, SLGs subscriptions, actual investment income received from the investment of proceeds, guaranteed investment contracts, and if required, rebate calculations). (5) Documentation necessary for the Borrower to complete and substantiate any information required to be included on IRS Form 8703 as amended and in effect from time-to time.

Record Retention Procedure. The Bond Compliance Officer will maintain the Tax- Exempt Bond File for the Bonds in accordance with the City Tax Compliance Procedure. Unless otherwise specifically instructed in a written Opinion of Bond Counsel or to the extent otherwise provided in this Tax Certificate, the Bond Compliance Officer shall retain records related to Post-Issuance Tax Requirements until 3 years following the final maturity of (i) the Bonds or (ii) any obligation issued to refund the Bonds. Any records maintained electronically must comply with Section 4.01 of Revenue Procedure 97-22, which generally provides that an electronic storage system must (1) ensure an accurate and complete transfer of the hardcopy records which indexes, stores, preserves, retrieves and reproduces the electronic records, (2) include reasonable controls to ensure integrity, accuracy and reliability of the electronic storage system and to prevent unauthorized alteration or deterioration of electronic records, (3) exhibit a high degree of legibility and readability both electronically and in hardcopy, (4) provide support for other books and records of the City and (5) not be subject to any agreement that would limit the ability of the IRS to access and use the electronic storage system.