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this purpose, the bonds include refunding bonds that refund the original bonds and thereby <br />refinance the property that was 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 <br />transcript); <br />(b) Records showing how the bond proceeds were invested, as described in 2 <br />(e) <br />(d) <br />5943171v1 <br />above; <br />Records showing how the bond proceeds were spent, as described in I <br />above, including, but not limited to, loan documents, construction <br />contracts, draw requests, invoices, payment of bond issuance costs, and <br />records of "allocations" of bond proceeds to make reimbursement for <br />project expenditures made before the bonds were actually issued; <br />Information, records, and calculations showing that, with respect to each <br />bond issue, the City was eligible for an exception to the arbitrage rebate <br />requirement or, if not, that the rebate amount, if any, that was payable to <br />the United States of America in respect of investments made with gross <br />proceeds of that bond issue, was calculated and timely paid with Form <br />8038-T timely filed with the IRS, as described in 2 above; <br />31 <br />5 <br />