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$ assure that, unless excepted from rebate and yield restriction under section 148(f) of the <br /> Code, excess investment earnings are computed and paid to the U.S. government at such <br /> time and in such manner as directed by the IRS (i) at least every 5 years after the Issue <br /> 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 be <br /> used for the purpose intended; <br /> $ monitor whether, at any time the Obligations are outstanding, any person, other than the <br /> Issuer, the employees of the Issuer, the agents of the Issuer or members of the general <br /> public has any contractual right (such as a lease, purchase, management or other service <br /> agreement) with respect to any portion of the facilities; <br /> $ monitor whether, at any time the Obligations are outstanding, any person, other than the <br /> Issuer, the employees of the Issuer, the agents of the Issuer or members of the general <br /> public has a right to use the output of the facilities (e.g., water, gas, electricity); <br /> $ monitor whether, at any time the Obligations are outstanding, any person, other than the <br /> Issuer, the employees of the Issuer, the agents of the Issuer or members of the general <br /> public has a right to use the facilities to conduct or to direct the conduct of research; <br /> $ determine whether, at any time the Obligations are outstanding, any person, other than <br /> the Issuer, has a naming right for the facilities or any other contractual right granting an <br /> intangible benefit; <br /> $ determine whether, at any time the Obligations are outstanding, the facilities are sold or <br /> otherwise disposed of; and <br /> $ take such action as is necessary to remediate any failure to maintain compliance with the <br /> covenants contained in the Order related to the public use of the 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 /> Responsible Persons are authorized and instructed to retain such experienced advisors and agents <br /> as may be necessary to carry out the purposes of these instructions. <br /> A-2 <br /> San Marcos I CTRCO 2025 1 Ordinance <br />