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B. Private Business Use. Generally, to be tax-exempt, only an insignificant amount of the <br />proceeds of each issue of Obligations can benefit (directly or indirectly) private businesses. The <br />Responsible Persons will review the Closing Documents periodically (at least once a year) for <br />the purpose of determining that the use of the facilities financed or refinanced with the proceeds <br />of the Obligations (the "Project") do not violate provisions of federal tax law that pertain to <br />private business use. In addition, the Responsible Persons will: <br />Develop procedures or a "tracking system" to identify all property financed with <br />tax-exempt debt; <br />2. Monitor and record the date on which the Project is substantially complete and <br />available to be used for the purpose intended; <br />3. Monitor and record whether, at any time the Obligations are outstanding, any <br />person, other than the Issuer, the employees of the Issuer, the agents of the Issuer <br />or members of the general public has any contractual right (such as a lease, <br />purchase, management or other service agreement) with respect to any portion of <br />the facilities; <br />4. Monitor and record whether, at any time the Obligations are outstanding, any <br />person, other than the Issuer, the employees of the Issuer, the agents of the Issuer <br />or members of the general public has a right to use the output of the facilities <br />(e.g., water, gas, electricity); <br />Monitor and record whether, at any time the Obligations are outstanding, any <br />person, other than the Issuer, the employees of the Issuer, the agents of the Issuer <br />or members of the general public has a right to use the facilities to conduct or to <br />direct the conduct of research; <br />6. Monitor and record whether, at any time the Obligations are outstanding, any <br />person, other than the Issuer, has a naming right for the facilities or any other <br />contractual right granting an intangible benefit; <br />7. Monitor and record whether, at any time the Obligations are outstanding, the <br />facilities are sold or otherwise disposed of; and <br />8. Take such action as is necessary to remediate any failure to maintain compliance <br />with the covenants contained in the Order related to the public use of the Project. <br />C. Record Retention. The Responsible Person will maintain or cause to be maintained all <br />records relating to the investment and expenditure of the proceeds of the Obligations and the use <br />of the facilities financed or refinanced thereby for a period ending three (3) years after the <br />complete extinguishment of the Obligations. If any portion of the Obligations is refunded with <br />the proceeds of another series of tax-exempt Obligations, such records shall be maintained until <br />B-37 <br />