Reports of Activities; Acknowledgement of Arbitrage Rebate Requirement Sample Clauses

Reports of Activities; Acknowledgement of Arbitrage Rebate Requirement. The Depository shall maintain accurate and complete records of fund balances, fund investments, and all transactions involving any fund or account the Depository holds under this Agreement. The Depository acknowledges that the money and investments in the [Payment Fund and] the Project Fund are Authority Note proceeds subject to the arbitrage restrictions and arbitrage rebate provisions of the Code. The Depository acknowledges that the Authority and the Borrower have agreed to comply with those Code provisions and that the Depository’s records are necessary to permit compliance. [The Authority hereby advises the Depository that the first rebate computation period for the Authority Note begins on the Issue Date and ends on , 20 , and that any arbitrage rebate payment due for that period must be computed and submitted to the United States Treasury, accompanied by all reports required by the Internal Revenue Service, no later than , 20 ]. The Depository shall furnish monthly reports and an annual summary to the Borrower. Upon reasonable prior notice to the Depository, the Authority and its agents are entitled to inspect those records and reports at all reasonable times and to make copies and extracts as they may desire.
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Related to Reports of Activities; Acknowledgement of Arbitrage Rebate Requirement

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