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151 <br />152 <br />153 <br />154 <br />155 <br />156 <br />157 <br />158 <br />159 <br />160 <br />161 <br />162 <br />163 <br />164 <br />165 <br />166 <br />167 <br />168 <br />169 <br />170 <br />171 <br />172 <br />173 <br />174 <br />175 <br />176 <br />The Finance Director shall also: <br />Ensure that any third -party entity tasked with investment responsibility for governmental <br />bonds is provided with a copy of the tax compliance or arbitrage certificate for each <br />bond issue and is advised as to all investment restrictions with respect to the <br />proceeds of and funds related to any governmental bonds issued by the City; <br />(f) Cause any funds subject to yield restriction to be segregated; <br />(g) Hire an independent contractor annually or every five years, as the case maybe and <br />as required by any arbitrage certificate, to perform all arbitrage and rebate <br />calculations and to review the City's investment process to ensure that it is in <br />compliance; and <br />(h) Consult with Bond Counsel prior to engaging in post-issuance credit enhancement <br />transactions. <br />3. Record Retention Requirements. <br />It is the policy of the City that, unless otherwise permitted by future IRS regulations or other <br />guidance, written records (which may be in electronic form) will be maintained with respect to each <br />bond issue for as long as those bonds remain outstanding, plus three years. For this purpose, the bonds <br />include refunding bonds that refund the original bonds and thereby refinance the property that was <br />financed by the original bonds. <br />In maintaining electronic storage, the Finance Director will comply with applicable IRS <br />requirements, such as those contained in Revenue Procedure 97 -22. <br />The records to be obtained and maintained are to include: <br />(a) The official transcript of proceedings for the original issuance of the bonds <br />(including ensuring that all applicable documents are included in such transcript); <br />(b) Records showing how the bond proceeds were invested, as described in 2 above; <br />(c) Records showing how the bond proceeds were spent, as described in 1 above, <br />including, but not limited to, loan documents, construction contracts, draw requests, <br />Page 7 of 12 <br />