Recordkeeping Responsibilities Sample Clauses

Recordkeeping Responsibilities. The City recognizes (a) that investors purchase the Certificates with the expectation that interest portion of the Rental Payments on the Certificates is excluded from gross income for federal income tax purposes, (b) that the tax-exempt status of interest portion of the Rental Payments on the Certificates depends on the accuracy of the representations and the satisfaction of the covenants contained herein by the City, many of which relate to matters that will occur after the date the Certificates are issued, and (c) that as part of its ongoing tax- exempt bond audit program, the Internal Revenue Service requires that records be created and maintained with respect to the following matters: (1) Documentation evidencing expenditure of Certificate 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 the Financed Property by public and private persons (e.g., copies of Management Agreements). (3) Documentation evidencing all sources of payment or security for the Certificates. (4) Documentation pertaining to any Investment of Certificate 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). The City has procedures in place or will establish procedures to create and retain these records or to cause these records to be created and retained. Unless otherwise specifically instructed in a written opinion of Special Tax Counsel or to the extent otherwise provided in this Tax Certificate, the City shall retain and maintain these records until three years following the final maturity of (A) the Certificates or (B) any obligation issued to refund the Certificates. Any records maintained electronically must comply with Section 4.01 of Revenue Procedure 97-22.