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(e) Information and records showing that investments held in yield -restricted <br />advance refunding or defeasance escrows for bonds, and investments <br />made with unspent bond proceeds after the expiration of the applicable <br />temporary period, were not invested in higher yielding investments. <br />The Finance Director shall also: <br />(a) Ensure that any third -party entity tasked with investment responsibility for <br />governmental bonds is provided with a copy of the tax compliance or <br />arbitrage certificate for each bond issue and is advised as to all investment <br />restrictions with respect to the proceeds of and funds related to any <br />governmental bonds issued by the City; <br />(b) Cause any funds subject to yield restriction to be segregated; <br />(c) If necessary, hire an independent contractor annually or every five years, <br />as the case may be and as required by any arbitrage certificate, to perform <br />all arbitrage and rebate calculations and to review the City's investment <br />process to ensure that it is in compliance; and <br />(d) If necessary, consult with Bond Counsel prior to engaging in post -issuance <br />credit enhancement transactions. <br />3. Record Retention Requirements. <br />It is the policy of the City that, unless otherwise permitted by future IRS regulations or <br />other guidance, written records (which may be in electronic form) will be maintained with <br />respect to each bond issue for as long as those bonds remain outstanding, plus three years. For <br />4 <br />4553512v1 <br />