Sarasota County Debt Management Policy - Resolution 2021-184

Sarasota County Debt Management Policy e. Documentation evidencing all sources of payment or security for the debt issuance; and f. Documentation pertaining to any investment of debt proceeds (including the purchase and sale of securities, SLGS subscriptions, yield calculations for each class of investments, actual investment income received from the investment of proceeds, guaranteed investment contracts, and rebate calculations). 4. Investments Moneys held for the credit of the funds and accounts established in the Resolution shall be invested and reinvested by the County in Investment Obligations, which are defined in the Resolution to be any obligations permitted by the investment policy adopted by the County pursuant to Section 218.415, Florida Statutes, as such policy may be modified from time to time, and in which surplus public funds may be invested under the laws of the State of Florida. Such investments or reinvestments shall mature or become available not later than the respective dates, as estimated by the County, that the moneys held for the credit of said funds and accounts will be needed for the purposes of such funds or accounts. 5. Arbitrage Rebate and Yield Reduction Payment Records The County shall maintain all records of arbitrage rebate payment and yield reduction payment calculations performed by the arbitrage rebate monitor (irrespective of whether the County owed any amount to the IRS), and records related to any arbitrage rebate payments or yield reduction payments made to the IRS, including the calculations performed by the arbitrage rebate monitor substantiating such payments, together with the IRS Form 8038-T, Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate, that accompanied all such payments, until the date three years after the last outstanding obligation of the issue to which such records and rebate payments relate has been retired. 6. Overpayment of Arbitrage Rebate Records In the event the County has overpaid to the United States an arbitrage rebate or yield reduction payment liability, the County shall maintain all records of such arbitrage rebate payments or yield reduction payments, including calculations performed by the arbitrage rebate monitor, together with the IRS Form 8038-R, Request for Recovery of Overpayments Under Arbitrage Rebate Provisions, that accompanied the request for a recovery of such overpayment until the date three years after the last outstanding obligation of the issue to which such records and rebate overpayments relate has been retired. 25