Recordkeeping Responsibilities Sample Clauses

Recordkeeping Responsibilities. The City recognizes (a) that investors purchase the Certificates with the expectation that interest portion of the Rental Payments on the Certificates is excluded from gross income for federal income tax purposes, (b) that the tax-exempt status of interest portion of the Rental Payments on the Certificates depends on the accuracy of the representations and the satisfaction of the covenants contained herein by the City, many of which relate to matters that will occur after the date the Certificates are issued, and (c) that as part of its ongoing tax- exempt bond audit program, the Internal Revenue Service requires that records be created and maintained with respect to the following matters: (1) Documentation evidencing expenditure of Certificate proceeds in sufficient detail to determine the date of the expenditure, the asset acquired or the purpose of the expenditure. (2) Documentation evidencing use of the Financed Property by public and private persons (e.g., copies of Management Agreements). (3) Documentation evidencing all sources of payment or security for the Certificates. (4) Documentation pertaining to any Investment of Certificate proceeds (including the purchase and sale of securities, SLGs subscriptions, actual Investment income received from the Investment of proceeds, guaranteed Investment contracts, and (if required) rebate calculations). The City has procedures in place or will establish procedures to create and retain these records or to cause these records to be created and retained. Unless otherwise specifically instructed in a written opinion of Special Tax Counsel or to the extent otherwise provided in this Tax Certificate, the City shall retain and maintain these records until three years following the final maturity of (A) the Certificates or (B) any obligation issued to refund the Certificates. Any records maintained electronically must comply with Section 4.01 of Revenue Procedure 97-22.
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Related to Recordkeeping Responsibilities

  • Reporting Responsibilities The IRA Owner agrees to provide the Custodian with information necessary for the Custodian to prepare any reports required under Code Sections 408(i), 408A(d)(3)(D), and Regulations Sections 1.408-5 and 1.408-6. The Custodian agrees to submit reports to the IRS and the IRA Owner (or Beneficiary(ies) upon the IRA Owner’s death) as prescribed by the IRS and such additional reports as the Custodian may choose to deliver. The Custodian shall furnish annual calendar-year reports concerning the status of the IRA and such information concerning required minimum distributions as is prescribed by the Commissioner of the IRS.

  • Monitoring Responsibilities The Custodian shall furnish annually to the Fund, during the month of June, information concerning the foreign sub-custodians employed by the Custodian. Such information shall be similar in kind and scope to that furnished to the Fund in connection with the initial approval of this Contract. In addition, the Custodian will promptly inform the Fund in the event that the Custodian learns of a material adverse change in the financial condition of a foreign sub-custodian or any material loss of the assets of the Fund or in the case of any foreign sub-custodian not the subject of an exemptive order from the Securities and Exchange Commission is notified by such foreign sub-custodian that there appears to be a substantial likelihood that its shareholders' equity will decline below $200 million (U.S. dollars or the equivalent thereof) or that its shareholders' equity has declined below $200 million (in each case computed in accordance with generally accepted U.S. accounting principles).

  • Our Responsibilities A. We will provide the Services in accordance with our then-current systems, standards, and procedures. Nothing requires us to provide you with any special programming; any system, program, or procedure implementation; or any special hardware or software. B. We will provide reports online for each fiscal day’s activity by 10:00 AM ET the next calendar day. Such reports will include an accounting for each currency with supporting detail of transaction activity, Daily Proceeds, reserves and funds transfers for transaction settlement services. Reports will be available for download on the online reporting tool for a period of 14 months from the date of issue. Reports may be upgraded, enhanced and/or modified by us at any time. C. We will initiate payment to you for the amount of each accepted Card transaction only after we receive payment. D. We have the right to honor and rely on the request(s) or instruction(s) of any person we reasonably believe to be your representative or Agent. In the event we receive returned mail intended for you, we may, but are not required to, procure a replacement address according to our standard operating procedures. E. We are only responsible for processing credits and adjustments for Card transactions that we originally processed. You authorize us to audit all Card transactions and deposits. We have the right to withhold amounts from you if we discover inaccuracies. F. We may report information about your account, late payments, missed payments, or defaults to credit bureaus. G. We may suspend or cease providing any Services to you in response to a Member Bank, Network, or Association request. We will use reasonable efforts to notify you if we suspend or cease any Services. H. We are responsible for the security of Cardholder data we store or transmit on your behalf only while it is in our possession and control.

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  • IRO Responsibilities The IRO shall: 1. perform each Claims Review in accordance with the specific requirements of the CIA;