Laserfiche WebLink
of the Code, excess investment earnings are computed and paid to the U.S. government at <br /> such time and in such manner as directed by the IRS (i) at least every 5 years after the <br /> Issue Date and(ii)within 30 days after the date the Obligations are retired. <br /> B. Private Business Use. With respect to the use of the facilities financed or <br /> refinanced with the proceeds of the Bonds the Responsible Person will: <br /> • monitor the date on which the facilities are substantially complete and available to <br /> be used for the purpose intended; <br /> • monitor whether, at any time the Obligations are outstanding, any person, other <br /> than the Issuer, the employees of the Issuer, the agents of the Issuer or members <br /> of the general public has any contractual right (such as a lease, purchase, <br /> management or other service agreement) with respect to any portion of the <br /> facilities; <br /> • monitor whether, at any time the Obligations are outstanding, any person, other <br /> than the Issuer, the employees of the Issuer, the agents of the Issuer or members <br /> of the general public has a right to use the output of the facilities (e.g., water, gas, <br /> electricity); <br /> • monitor whether, at any time the Obligations are outstanding, any person, other <br /> than the Issuer, the employees of the Issuer, the agents of the Issuer or members <br /> of the general public has a right to use the facilities to conduct or to direct the <br /> conduct of research; <br /> • determine whether, at any time the Obligations are outstanding, any person, other <br /> than the Issuer, has a naming right for the facilities or any other contractual right <br /> granting an intangible benefit; <br /> • determine whether, at any time the Obligations are outstanding, the facilities are <br /> sold or otherwise disposed of; and <br /> • take such action as is necessary to remediate any failure to maintain compliance <br /> with the covenants contained in the Order related to the public use of the <br /> facilities. <br /> C. Record Retention. The Responsible Persons will maintain or cause to be <br /> maintained all records relating to the investment and expenditure of the proceeds of the <br /> Obligations and the use of the facilities financed or refinanced thereby for a period ending three <br /> (3) years after the complete extinguishment of the Obligations. If any portion of the Obligations <br /> is refunded with the proceeds of another series of tax-exempt obligations, such records shall be <br /> maintained until the three (3) years after the refunding obligations are completely extinguished. <br /> Such records can be maintained in paper or electronic format. <br /> D. Responsible Persons. Each Responsible Person shall receive appropriate training <br /> regarding the Issuer's accounting system, contract intake system, facilities management and other <br /> systems necessary to track the investment and expenditure of the proceeds and the use of the <br /> facilities financed with the proceeds of the Obligations. The foregoing notwithstanding, the <br /> SAN MARCOSTTRCO2023C: Ordinance <br /> 2 <br />