805 RECORDS

805.1 SCHOOL DISTRICT RECORDS

The secretary of the Board shall keep records according to the schedule in Code 805.1R.

All personnel records shall be kept and preserved by the Secretary of the Board and shall be housed in the Administrative offices of the School District. All personnel records shall be retained permanently and periodically scanned to be stored electronically.

The Superintendent may electronically store and/or back-up or use any other reliable mass storage method to preserve school district records and may destroy paper copies of the records if they are more than three (3) years old.

*Reviewed: 05/13/02

*Revised: 02/12/07

*Reviewed: 04/12/10

*Revised: 12/13/10

*Revised: 03/09/15

*Reviewed: 09/09/19

805.1R Record Retention

Officers and directors of corporations have two essential duties to which their actions must conform. The first is a fiduciary duty to act with complete loyalty, honesty, good faith and in the best interests of the corporation. Iowa Code ' 490.830(l)(a). The second requirement is a duty of care. The duty of care is the objective standard by which directors action are measured. The duty of care states that directors must act with the same care an ordinarily prudent person in a like position would exercise under similar circumstances. Iowa Code ' 490.830(l)(b).

The duty of care requires directors and officers of a board to keep and maintain appropriate records of the corporation. In fact, the Iowa Code states that a school corporation is required to file and preserve copies of all reports made and all papers transmitted pertaining to the business of the corporation, a complete record of the minutes of all meetings, records of all elections, and an accurate and complete accounting of all money spent and claims made. Iowa Code ' 291.6. The Iowa Supreme Court has stated that a governing body should establish policies and procedures for retaining records which must be kept and disposing of those it has no duty to maintain. Clark v. Banks, 515 N.W.2d 5, 7 (Iowa 1994).

Generally, federal and state laws dictate the length of time which some records must be kept. Iowa law makes no particular reference to the length of retention of school district records except that the school board is authorized to make rules and regulations for the care of school property (279.8). The Statute of Limitations (Chapter 614 and the Iowa Municipal Record Manual,1982,) are the basis for the following suggested retention procedures for just some of the documents you may encounter in the school business office. Please note that in many cases, where the retention period is not governed by state or federal law, these are suggested guidelines only and each retention case may warrant an individual review.

It is also suggested that school districts explore the economics of electronic storage of all permanent district records. Iowa law expressly provides that if a law requires that a record be retained, the requirement is satisfied by retaining an electronic record of the information in the record which does both of the following: a) Accurately reflects the information set forth in the record after it was first generated in its final form as an electronic record or otherwise and b) Remains accessible for later reference. Iowa Code ' 554D.114.

LEGAL DOCUMENT	RETENTION
The official minutes of the school board, including resolutions	Permanently
Board meeting agendas	2 years
Detailed minutes and audio tapes of closed sessions	1 year beyond the date of the meeting
A copy of board policies	Until superseded
Oaths of Office	Permanently with the minutes
Fidelity bonds of officials	5 years after expiration
Bids accepted	5 years
Bids rejected	1 year beyond audit
Citizens petitions	3 years after close of issue
Ballots	6 months after the election if not contested
Articles of Incorporation	Permanently
Records of patents, copyrights, trademarks etc.	Permanently
CORRESPONDENCE
Financial correspondence	5 years
Personnel correspondence	7 years after termination
Credit and collection correspondence	7 years
General correspondence	3 years of as long as administratively useful or of historical value
FINANCIAL REPORTS AND RECORDS
Secretary’s and Treasurer’s financial accounting records	Permanently (general ledger, annual financial report, CAR)
Disbursement journals/register, receipt journals/register, check register, general journals and bank statements	10 years
Canceled warrants, check stubs, bills, invoices, receipts, purchase orders, requisitions, petty cash vouchers, cost accounting commutations, investment records, and bank reconciliations	5 years
Records and report regarding uncollectible accounts	10 years
Interim financial reports	5 years
Claims for sales tax or fuel tax refunds Also licensed distributors, dealers and users must retain for 3 years hard copies of bills of lading or manifests, purchase invoices, copies of sales invoices, exemption certificates, purchase records, sales records, copies of reports filed with the Department of Revenue, Iowa export schedules, copies of credit memos and canceled checks and cash register	5 years
Audits	Permanently
BUDGET
Budget estimate worksheets	5 years
Final budget and certification summary	Permanently
Budget amendments	Permanently
Certified enrollment officials summaries	Permanently
FIXED ASSET RECORDS
Documents relating to fixed asset	5 years beyond disposal of fixed asset
Fixed asset repair records	3 years
Inventories	5 years
Documents relating to real property transactions Includes such things as deeds, title, opinions, abstracts, appraisals, certificate of title, title insurance, condemnation proceedings, easement and right of way agreements, plats and alterations of plats, blueprints and other structural plans or specifications and annexation files.)	Permanently
LEGAL DOCUMENTS
Written contracts	10 years beyond the end of the contract
Purchase or service agreements for equipment or supplies	5 years after expiration
Record of payment or judgments against the district	20 years
Accidents on school property, settled out of court	10 years after settlement
Accidents on school property, court decisions	Permanently
Fire damage reports	5 years
Insurance policies	3 years after expiration
Special events permits and licenses	3 years
BOND ISSUES
Bond certificates	11 years after final recall (or possibly permanently)
Redeemed coupons should be stamped and paid	11 years
Bond register	Permanently
Records and documents pertaining to cancellation, transfer, redemption or replacement of public bonds or obligations	Preserved by the issuer or its agent for a period of not less than 11 years
Other records related to bonds	During the outstanding period of the bonds, (plus any refunding bonds) plus 3 years
STUDENT RECORDS
The individual permanent record of each pupil 34 CFR 300.573 requires that a school inform parents when personally identifiable information collected, maintained or used for special education purposes is no longer needed to provide educational services to the child. At the request of the parents, that information must be destroyed. This does not include the permanent record information of name, address, grades, attendance record etc., which still may be maintained without time limit. The district may want to caution parents that there are many good reasons why they might not want their child’s special education record destroyed such as the potential future need to prove disability for SSI or SS disability purposes.	Permanently either in its original form or electronic media except as listed next
FEDERAL PROGRAMS
Child nutrition records pertaining to participation, financial information and free and reduced price meal applications	3 years in addition to the current fiscal year. this is the federal fiscal year, so it really is 4 years. Records of an unresolved audit must be retained until that audit is resolved
JTPA contracts and claims	5 years
Asbestos medical records or records of licensure	Minimum of 30 years
Generally records related to federal aid	5 years if audited. If there is a non-compliance problem/questioned cost, the records should be retained 3 years after settlement
AFFIDAVITS OF PUBLICATION
Regarding budget	Until audited or 5 years
Regarding bond issues	5 years after final recall
Regarding other issues	5 years except real estate which should be kept permanently if proof not filed with deed.
UNION/ASSOCIATION RECORDS
Negotiation records	As long as administratively useful
Master contracts	Permanently
Case files	10 years
EMPLOYEE ACCIDENTS
Employer reports	5 years
OSHA reports	5 years
Worker compensation reports	5 years after final payment, however, if the case may result in future claims, the reports should be retained 60 years
PAYROLL
Payroll journals	60 years
Supporting payroll documentation	5 years
W-2s, W-3s, W-4s, 941s, deposits, 1099s, 1096s	5 years
Iowa withholding reports, job service reports	5 years
PERSONNEL RECORDS
Job descriptions	Permanently
Applications and resumes of those hired	60 years
Applications and resumes of those not hired	3 years
Results of tests/placements of those hired	60 years
Employment contracts	10 years after termination
Evaluations, continuing education records, employee medical exams	60 years
Resignations and reasons for termination	60 years
IPERS claims	60 years
Unemployment claims	5 years
Garnishment records	3 years beyond closure
Enrollments for direct deposits, insurance etc	As long as current
Health insurance payments and claims	5 years
EEO-4 Reports	5 years
EEO Plans	As long as current

*Adopted: 04/13/15

*Reviewed: 09/09/19

805.2 PERSONNEL RECORDS

All personnel records shall be kept and preserved by the secretary of the Board, and shall be housed in the administrative offices of the school district. The Board secretary shall be the school Board's authorized deputy of the records.

The secretary of the Board shall be required to preserve personnel records permanently. A properly authenticated reproduction of any microfilm record meets the same legal requirements as the original record.

*Revised: 07/15/02

*Reviewed: 12/11/06

*Reviewed: 04/12/10

*Revised: 12/13/10

*Reviewed: 04/13/15

*Reviewed: 09/09/19

805.3 STUDENT RECORDS

The Superintendent of schools shall cause to have initiated and maintained a complete individual permanent record for each student. The school Board secretary shall be the Board's authorized deputy of the records and shall have the care and custody of all student records. All permanent records of students are to be preserved, either in original form or on paper free technology.

*Reviewed: 05/13/02

*Reviewed: 02/12/07

*Reviewed: 04/12/10

*Reviewed: 12/13/10

*Reviewed: 04/13/15

*Reviewed: 09/09/2019

805.4 BONDS FOR OFFICERS AND EMPLOYEES

The secretary and treasurer of the Board shall be bonded by the school district in such amount as the board may require, with sureties to be approved by the Board. Bonds shall be filed with the president of the Board.

All other employees shall be covered by a blanket bond in the amount of $5,000.

*Reviewed: 05/13/02

*Reviewed: 12/11/06

*Reviewed: 04/12/10

*Revised: 12/13/10

*Revised: 5/11/2015

*Reviewed: 09/09/19

805.5 INVENTORY

An annual inventory of all furniture and other equipment shall be maintained under the supervision of the Superintendent of schools. All items of equipment that are not consumable shall be included in the annual inventory.

A perpetual inventory shall be maintained for all items that are consumable.

*Reviewed: 05/13/02

*Reviewed: 09/16/02

*Reviewed: 12/11/06

*Reviewed: 02/12/07

*Reviewed: 04/12/10

*Revised: 12/13/10

*Reviewed: 04/13/15

*Reviewed: 09/09/19

805.6 GENERAL FIXED CAPITAL ASSETS

All assets purchased by the Glenwood Community School District are subject to the following capitalization policy:

General Fixed Assets/Capital Assets:

Capital assets are recorded as expenditures in the Governmental Funds and are capitalized in the General Fixed Assets Account Group. Assets in this account group are recorded at historical cost, and must have a useful life greater than one reporting period and have a value of at least $2,500. The district will not utilize salvage value.

In accordance with Standard 34, set forth by the Governmental Accounting Standards Board, depreciation will be recorded for general fixed assets, utilizing the straight-line method with a full-year convention over the following asset lives:

Asset Class	Examples	Est. Useful Life in Years
Site Improvements	Paving, flagpoles, retaining walls, sidewalks fencing, outdoor lighting	20
School Buildings		50
Equipment	Classroom and office furniture, Fax, copiers, computer hardware, grounds equipment	5
Licensed Vehicles	Buses, other on-road vehicles	7

Enterprise Fund Assets or Business-Type Assets

Enterprise fund type property and equipment is accounted for at historical cost for assets with a useful life greater than one reporting period and with a value of at least $500. Depreciation is recorded over twelve (12) years, using the straight-line method.

*Adopted: 07/14/03

*Reviewed: 12/11/06

*Reviewed: 04/12/10

*Revised: 12/13/10

*Reviewed: 5/11/2015

*Reviewed: 09/09/19

805.7 GENERAL INTANGIBLE ASSETS

I. Definition of Intangible Assets

A. Intangible Assets

Intangible assets are assets that are:

(1) Identifiable – Either the assets:

(a) Can be separated or divided from the district and sold, transferred, licensed, rented or exchanged; or

(b) Arose from some legal right (i.e., a contractual right), regardless of whether those rights are separable or dividable;

(2) Lacking physical substance;

(3) Non-financial in nature – The assets are not in a monetary form, such as cash or investment securities; and

(4) Possessing a useful life that extends beyond a single financial reporting period.[1]

Examples of intangible assets include the following:

(1) Easements or land use rights (i.e., water rights, timber rights and mineral rights);

(2) Patents, trademarks and copyrights; and

(3) Computer software or websites that are purchased, licensed or internally generated.

Examples of assets that are not intangible assets for purposes of this policy include only the following:

(1) Assets acquired or created primarily for purposes of obtaining income or profit,as these are considered investment assets;

(2) Assets from capital lease transactions reported by lessees, except licensing agreements to lease commercially available computer software; and

(3) Goodwill established or created between the district and another entity.

B. Outlays Associated with Internally Generated Intangible Assets

Intangible assets that are generated or created internally likely have outlay expenses associated with the generation or creation. Intangible assets are considered to be generated or created internally if they are:

(1) Created by the district;

(2) Created by a third-party contracted by the district; or

(3) Acquired by the district from a third-party and require more than minimal incremental effort on the part of the district to begin to achieve the expected level of service capacity.

C. Outlays Associated with Internally Generated Computer Software

Computer software that is generated or created internally likely has outlay expenses associated with the generation or creation. Computer software is considered to be generated or created internally if it is:

(1) Developed by the district;

(2) Developed by a third-party contracted by the district; or

(3) Commercially available software acquired, purchased or licensed by the district from a third-party that is modified using more than minimal incremental effort before being put into operation.

II. Measuring of Intangible Assets

A. Threshold for Capitalization of Intangible Assets

The district shall adopt an intangible asset capitalization threshold of $150,000 to govern the amount at and above which intangible assets must be reported in the District’s annual reporting statements and audits. More specifically, the threshold will be applied to individual intangible assets and shall prohibit the aggregation of items, including intangible assets and outlays, to meet the threshold.[2]

B. Recognition of Intangible Assets

The district shall record individual intangible assets exceeding the threshold amount outlined in the district’s intangible asset capitalization threshold policy as follows:

(1) Intangible assets received in an exchange transaction or purchased shall be recorded at actual historical cost, which includes direct costs, and excludes indirect costs;

(2) Intangible assets in the form of business activities and enterprise funds received in an exchange transaction or purchased shall be recorded at actual historical cost, which includes direct costs, specifically capitalized interest and ancillary charges, and excludes indirect costs; and

(3) Intangible assets received in a non-exchange transaction or donated shall be recorded at estimated fair market value at the time of acquisition, which requires implementation of a rational method to determine or estimate the value at which the asset could be exchanged between willing parties not involved in a forced sale.

(4) Intangible assets reported retroactively[3] shall be recorded at actual historical cost,[4] regardless of whether the asset is fully amortized prior to June 30, 2009. If an intangible asset reported retroactively is fully amortized prior to June 30, 2009, the district shall record the value of the intangible asset separately from the value of the amortization.

III. Accounting for Intangible Assets

A. Intangible Assets

[2] With intangible assets in the form of computer software licenses purchased or renewed, each individual license must be accounted for separately and all licenses cannot be aggregated for purposes of measuring wither the assets have exceeded the threshold.

[3] Reference Section VI of this Policy for the retroactive reporting of intangible assets.

[4] If actual historical cost cannot be determined for intangible assets acquired prior to June 30, 2009, due to lack of sufficient records, estimated historical cost shall be used.

Intangible assets exceeding the threshold shall be accounted for as capital assets. Therefore, all financial requirements concerning capital assets, including, but not limited to, all accounting and reporting requirements, such as those associated with recognition, measurement, presentation and disclosure, shall be followed.

B. Outlays Associated with Internally Generated Intangible Assets

Outlays from internally generated intangible assets exceeding the threshold shall not be accounted for as capital assets until they are identifiable and the “specified conditions criteria” have occurred (see below). Outlays exceeding the threshold not meeting these requirements and/or incurred prior to these criteria occurring shall be accounted for as an expense when the expense is incurred.

Outlays from internally generated intangible assets exceeding the threshold shall be accounted for as capital assets if they occur after such time as:

(1) The assets are identifiable – See the definition outlined in Section I of this policy; and

(2) The “specified conditions criteria” have occurred, as follows:

(a) Determination of the specific objective of the project and the nature of the service capacity that is expected to be provided by the intangible asset upon completion of the project;

(b) Demonstration of the technical or technological feasibility for completing the project so that the intangible asset will provide its expected service capacity; and

(c) Demonstration of the current intention, ability, and presence of effort to complete or, in the case of a multiyear project, continue development of the intangible asset.

C. Outlays Associated with Internally Generated Computer Software

Outlays from internally generated computer software developed by the district or by a third-party contracted by the district exceeding the threshold shall be accounted for as follows:

(1) During the preliminary project stage, all outlays exceeding the threshold shall be accounted for as an expense when the expense is incurred. The preliminary project stage involves the conceptual formulation and evaluation of alternatives, the determination of the existence of needed technology and the final selection of alternatives for development of the software.

(2) During the application development stage, outlays that occur before the specified conditions criteria have occurred and exceed the threshold shall be accounted for as an expense when the expense is incurred; outlays that occur after the specified conditions criteria have occurred[1] and exceed the threshold[2] shall be accounted for as capital assets; and

[1] The specified conditions criteria are considered to be met for internally generated computer software developed by the District or a third-party contracted by the District when the preliminary project stage is complete and the Board authorizes and/or commits to funding the development of new computer software.

[2] In determining whether the outlays exceed the threshold, each outlay shall be accounted for separately and no outlay shall be aggregated with any other outlay for purposes of measuring wither the outlays have exceeded the threshold. For example, the initial purchase of the computer software or license and the modifications made to the computer software or license should be accounted for separately and should not be aggregated for purposes of measuring wither the outlays have exceeded the threshold.

outlays that occur after the computer software is substantially complete and operational and exceed the threshold shall be accounted for as an expense when the expense is incurred. The application development stage involves the design of the chosen path, including, but not limited to the purchase of the software or license;[1] the software configuration and the software interfaces; the coding; the installation to hardware; the testing; any minor modifications made to the software before it is placed into operation;[2] and the data conversion, if such was deemed necessary in order to make the software operational.

(3) During the post-implementation and operation stage, all outlays exceeding the threshold shall be accounted for as an expense when the expense is incurred. The post-implementation and operation stage includes the data conversion, if such was not deemed necessary during the application development stage in order to make the software operational; the application training; and the software maintenance.

Outlays from internally generated computer software extensively modified by the district or by a third-party contracted by the district exceeding the threshold shall be accounted for as follows:

(1) All outlays from the modification of computer software exceeding the threshold shall be accounted for as capital assets if the one of the following conditions exist:

(a) The modification causes an increase in the functionality of the software (the software is able to perform tasks that it was previously incapable of performing);

(b) The modification causes an increase in the efficiency of the software (the software offers an increased level of service without the need for an increased performance of tasks); or

(2) All outlays from the modification of computer software exceeding the threshold shall be accounted for as an expense when the expense is incurred if none of the above conditions exists.

IV. Amortization of Intangible Assets

In amortizing an intangible asset that is capitalized because it exceeds the threshold and meets the requirements above,[3] the following general rules shall apply:

(1) The useful life of an intangible asset generally shall be estimated. Therefore, the intangible asset has a determinable useful life, even if it must be estimated, and shall be amortized using the straight-line method.

(2) The useful life of an intangible asset that arises from and is limited by contractual or other legal rights shall not exceed the period of the intangible asset’s service capacity provided under the contract or other

[1] The purchase of the computer software or license shall be treated as an outlay that shall be capitalized.

[2] Making minor modifications to the computer software or license shall be treated as an outlay that shall be capitalized.

[3] This includes intangible assets that were in existence from July 1, 1980, through June 30, 2009, and must be retroactively reported.

legal provision. Therefore, the intangible asset has a determinable useful life, even if it must be estimated, and shall be amortized using the straight-line method.

(3) The useful life of an intangible asset that is not limited by any legal, contractual, regulatory, technological or other factors shall be indefinite. Therefore, the intangible asset has no determinable useful life and shall not be amortized.

In considering changes in circumstances that affect the amortization of an intangible asset, the following rules shall apply:

(1) An intangible asset that arises from and is limited by contractual or other legal rights shall take into consideration contract renewal periods for purposes of determining its useful life and its amortization schedule only if the following requirements are met:

(a) There is evidence that the district will seek and be able to achieve contract renewal; and

(b) The anticipated outlay for contract renewal is nominal in relation to the level of service capacity obtained by the contract renewal.

(2) An intangible asset that was once not limited by any legal, contractual, regulatory, technological or other factors, but now is limited by such factors due to changes in conditions, shall be tested for impairment[1] because the expected duration of the useful life of the asset has changed, and then the following rules shall apply:

(a) If an impairment is determined not to exist, the intangible asset has a determinable useful life and shall be amortized using the straight-line method.

(b) If an impairment is determined to exist, the following must occur:

(i) The loss due to the impairment shall be accounted for as a loss;

(ii) The intangible asset has a useful life that must be estimated and is determinable; and

(iii) The carrying value, or the value remaining after accounting for the impairment, shall be amortized using the straight-line method over the remaining estimated useful life.

V. Selling or Disposing of Intangible Assets

In selling or disposing of intangible assets, the district shall calculate and report a gain or loss on the sale or disposal. The gain or loss shall be calculated by subtracting the net book value, which consists of the historical cost less any accumulated amortization, from the net amount realized on the sale or disposal.

VI. Application of Policy

The requirements of this policy shall apply to all financial statements covering periods beginning after June 30, 2009.

[1] Internally generated intangible assets and computer software commonly experience impairment with development stoppage, including, but not limited to, stoppage of development of computer software due to changes in the priorities of management.

The requirements of this policy shall apply retroactively to intangible assets that were in existence from July 1, 1980, through June 30, 2009.[1] However, the following intangible assets shall not be retroactively reported as capital assets:

(1) Intangible assets considered to have an indefinite useful life as of June 30, 2009;

(2) Intangible assets considered to be internally generated as of June 30, 2009;

(3) Outlays from internally generated computer software incurred in the application development stage on or prior to June 30, 2009;[2]

(4) Any intangible asset held by a “Phase 3” district, characterized as such for purposes of implementing GASB Statement 34.

[1] This includes computer software purchased prior to June 30, 2009, that is currently still in use.

[2] Reference Section III, Subsection C of this policy for the accounting of outlays from internally generated computer software incurred in the application development stage after June 30, 2009.

*Adopted: 12/13/10

*Revised: 02/14/11

*Reviewed: 5/11/15

*Reviewed: 09/09/19

805.8 DEBT MANAGEMENT

1. Compliance Coordinator:

The Treasurer ("Coordinator") shall be responsible for monitoring post-issuance compliance.
The Coordinator will maintain a copy of the transcript of proceedings in connection with the issuance of any tax-exempt obligations. Coordinator will obtain such records as are necessary to meet the requirements of this policy.
The Coordinator shall consult with bond counsel, IRS publications and such other resources as are necessary to understand and meet the requirements of this policy.
Training and education of Coordinator will be sought and implemented upon the occurrence of new developments and upon the hiring of new personnel to implement this policy.

2. Financing Transcripts. The Coordinator shall confirm the proper filing of an 8038 Series return, and maintain a transcript of proceedings for all tax-exempt obligations issued by the School District, including but not limited to all tax-exempt bonds, notes and lease-purchase contracts. Each transcript shall be maintained until eleven (11) years after the tax-exempt obligation it documents has been retired.

3. Proper Use of Proceeds. The Coordinator shall review the resolution authorizing issuance for each tax-exempt obligation issued by the School District, and shall:

obtain a computation of the yield on such issue from the School District’s financial advisor;
create a separate Project Fund (with as many sub-funds as shall be necessary to allocate proceeds among the projects being funded by the issue) into which the proceeds of issue shall be deposited;
review all requisitions, draw schedules, draw requests, invoices and bills requesting payment from the Project Fund;
determine whether payment from the Project Fund is appropriate, and if so, make payment from the Project Fund (and appropriate sub-fund if applicable);
maintain records of the payment requests and corresponding cancelled checks showing payment;
maintain records showing the earnings on, and investment of, the Project Fund;
ensure that investments acquired with proceeds are purchased at fair market value;
identify bond proceeds or applicable debt service allocations that must be invested with a yield-restriction and monitor the investments of any yield-restricted funds to ensure that the yield on such investments does not exceed the yield to which such investments are restricted.

4. Timely Expenditure and Arbitrage/Rebate Compliance. The Coordinator shall review the Tax-Exemption Certificate (or equivalent) for each tax-exempt obligation issued by the School District and the expenditure records provided in Section 2 of this policy, above, and shall:

monitor and ensure that proceeds of each such issue are spent within the temporary period set forth in such certificate;
if the School District does not meet the "small issuer" exception for said obligation, monitor and ensure that the proceeds are spent in accordance with one or more of the applicable exceptions to rebate as set forth in such certificate;
not less than 60 days prior to a required expenditure date confer with bond counsel if the School District will fail to meet the applicable temporary period or rebate exception expenditure requirements of the Tax-Exemption Certificate; and
in the event the School District fails to meet a temporary period or rebate exception:

i. procure a timely computation of any rebate liability and, if rebate is due, file a Form 8038-T and arrange for payment of such rebate liability;

ii. arrange for timely computation and payment of "yield reduction payments" (as such term is defined in the Code and Treasury Regulations), if applicable.

5. Proper Use of Bond Financed Assets. The Coordinator shall:

maintain appropriate records and a list of all bond financed assets. Such records shall include the actual amount of proceeds (including investment earnings) spent on each of the bond financed assets;
with respect to each bond financed asset, the Coordinator will monitor and confer with bond counsel with respect to all proposed:

i. management contracts,

ii. service agreements,

iii. research contracts,

iv. naming rights contracts,

v. leases or sub-leases,

vi. joint venture, limited liability or partnership arrangements,

vii. sale of property; or

viii. any other change in use of such asset;

maintain a copy of the proposed agreement, contract, lease or arrangement, together with the response by bond counsel with respect to the proposal for at least three (3) years after retirement of all tax-exempt obligations issued to fund all or any portion of bond financed assets; and
In the event the School District takes an action with respect to a bond financed asset, which causes the private business tests or private loan financing test to be met, the Coordinator shall contact bond counsel and ensure timely remedial action under IRS Regulation Sections 1.141-12.

6. General Project Records. For each project financed with tax-exempt obligations, the Coordinator shall maintain, until three (3) years after retirement of the tax-exempt obligations or obligations issued to refund those obligations, the following:

appraisals, demand surveys or feasibility studies,
applications, approvals and other documentation of grants,
depreciation schedules,
contracts respecting the project.

7. Continuing Disclosure. The Coordinator shall assure compliance with each continuing disclosure certificate and annually, per continuing disclosure agreements, file audited annual financial statements and other information required by each continuing disclosure agreement. The Coordinator will monitor material events as described in each continuing disclosure agreement and assure compliance with material event

disclosure. Events to be reported shall be reported promptly, but in no event not later than ten (10) Business Days after the day of the occurrence of the event, and shall include, but not be limited to:

Principal and interest payment delinquencies;
Non-payment related defaults, if material;
Unscheduled draws on debt service reserves reflecting financial difficulties;
Unscheduled draws on credit enhancements relating to the bonds reflecting financial difficulties;
Substitution of credit or liquidity providers, or their failure to perform;
Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax-exempt status of the bonds, or material events affecting the tax-exempt status of the bonds;
Modifications to rights of Holders of the Bonds, if material;
Bond calls (excluding sinking fund mandatory redemptions), if material, and tender offers;
Defeasances of the bonds;
Release, substitution, or sale of property securing repayment of the bonds, if material;
Rating changes on the bonds;
Bankruptcy, insolvency, receivership or similar event of the Issuer;
The consummation of a merger, consolidation, or acquisition involving the Issuer or the sale of all or substantially all of the assets of the Issuer, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material; and
Appointment of a successor or additional trustee or the change of name of a trustee, if material.

*Adopted: 02/13/12

*Reviewed: 5/11/15

*Reviewed: 09/09/19