Agenda - Council - 11/10/2020 - Laserfiche WebLink

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