Laserfiche WebLink
128 2. Arbitrage Yield Restriction and Rebate Requirements. <br />129 The Finance Director shall monitor and calculate arbitrage, and shall coordinate and maintain, or <br />130 cause to be maintained, records of: <br />131 (a) Computations of the yield on the bonds by the City's financial advisor, and <br />132 purchases and sales of investments made with bond proceeds (including amounts <br />133 treated as "gross proceeds" of bonds under section 148 of the Code) and receipts of <br />134 earnings in those investments; <br />135 (b) Expenditures made with bond proceeds (including investment earnings on bond <br />136 proceeds) for the governmental purposes of the bonds; <br />137 (c) Calculations that will be sufficient to demonstrate to the Internal Revenue Service <br />138 ( "IRS ") upon an audit of a bond issue that, where applicable, the City has complied <br />139 with any available exception to the arbitrage rebate requirement in respect of that <br />140 bond issue; <br />141 (d) Calculations that will be sufficient to demonstrate to the IRS upon an audit of a <br />142 bond issue for which no exception to the arbitrage rebate requirement was <br />143 applicable, that the rebate amount, if any, was payable to the United States of <br />144 America in respect of investments made with gross proceeds of that bond issue, was <br />145 calculated and timely paid with Form 8038-T timely filed with the IRS; and <br />146 (e) Information and records showing that investments held in yield-restricted advance <br />147 refunding or defeasance escrows for bonds, and investments made with unspent <br />gas bond proceeds after the expiration of the applicable temporary period, were not <br />149 invested in higher yielding investments. <br />150 <br />Page 6 of 12 <br />