Unless otherwise permitted by future Treasury Regulations or IRS guidance, written records (which may be in electronic form) will be maintained with respect to each bond issue for as long as those (and any bonds issued to refinance those bonds) remain outstanding, plus three years.

The records to be maintained by the responsible office(s) shall include but are not limited to records of:

• Bond issuance and arbitrage
• Expenditure of bond proceeds (project expense invoices)
• Use of bond-financed property by non-UVM users (including copies of leases, management contracts and research agreements)
• Use by special arrangements
• Assets financed with bond proceeds
• Sale or disposition of bond-financed property
• Any documents used in calculating PBU
• Dates of connection or disconnection to any bond-financed centreal utility plant

The purpose of the Records Management and Retention Policy (PDF) is to ensure that the University has adequate records to allow all applicable University personnel to monitor issues with respect to the bond over time and to enable the University to readily demonstrate to the IRS, upon an audit of any bond issue, that the University has fully complied with all Applicable Federal Law requirements that must be satisfied after the issue date of the bonds so that interest on those continues to be tax-exempt under the Code. Refer to the Post-Issuance Compliance Policy for Tax-Exempt and Tax-Credit Bonds (PDF) and IRS tax-exempt FAQs for for additional retention specifications.