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business use. In addition, the Responsible Person will:
A. Develop procedures or a "tracking system" to identify all property
financed with tax-exempt debt;
B. Monitor and record the date on which the Project is substantially
complete and available to be used for the purpose intended;
C. Monitor and record whether, at any time the Obligations are
outstanding, any person, other than the Issuer, affiliates of the Issuer or
members of the general public, has any contractual right (such as a
lease, purchase, management or other service agreement) with respect to
any portion of the Project;
D. Monitor and record whether, at any time the Obligations are outstanding,
any person, other than the Issuer, affiliates of the Issuer or members of the
general public, has a right to use the output of the Project (e.g., water, gas,
electricity);
E. Monitor and record whether, at any time the Obligations are outstanding,
any person, other than the Issuer, affiliates of the Issuer or members of the
general public, has a right to use the Project to conduct or to direct the
conduct of research;
F. Monitor and record whether, at any time the Obligations are outstanding,
any person, other than the Issuer, has a naming right for the Project or any
other contractual right granting an intangible benefit;
G. Monitor and record whether, at any time the Obligations are outstanding,
the Project is leased, sold or otherwise disposed of; and
H. Take such action as is necessary to remediate any failure to maintain
compliance with the covenants contained in the Ordinance authorizing the
tax-exempt obligations used to finance the Project.
XII. Record Retention:
The Responsible Person will maintain or cause to be maintained all records
relating to the investment and expenditure of the proceeds of the Obligations
and the use of the facilities financed or refinanced thereby for a period ending
three years after the complete extinguishment of the Obligations. If any
portion of the Obligations is refunded with the proceeds of another series of
tax-exempt Obligations, such records shall be maintained until the three years
after the refunding Obligations are completely extinguished. Such records can
be maintained in paper or electronic format.
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