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

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In maintaining electronic storage, the Finance Director will comply with applicable IRS requirements, such as those contained in Revenue Procedure 97-22. The records to be obtained and maintained are to include: (a) The official transcript of proceedings for the original issuance of the bonds (including ensuring that all applicable documents are included in such transcript); (b) Records showing how the bond proceeds were invested, as described in 2 above; (c) Records showing how the bond proceeds were spent, as described in 1 above, including, but not limited to, loan documents, construction contracts, draw requests, invoices, payment of bond issuance costs, and records of "allocations" of bond proceeds to make reimbursement for project expenditures made before the bonds were actually issued; (d) Information, records, and calculations showing that, with respect to each bond issue, the City was eligible for an exception to the arbitrage rebate requirement or, if not, that the rebate amount, if any, that was payable to the United States of America in respect of investments made with gross proceeds of that bond issue, was calculated and timely paid with Form 8038- T timely filed with the IRS, as described in 2 above; (e) Schedules of all bond -financed facilities, including whether such facilities are land, buildings, or equipment, economic life calculations, and information regarding depreciation; 5 4553512v1