(A) Pending application as provided above, any moneys held in the Notes Project Funds and the Notes Payment Funds shall be invested and reinvested by the depository bank at the direction of the issuer to the fullest extent possible under applicable laws, and to the extent practicable in qualified investments having maturities consonant with the required use thereof.
(B) The depository bank shall keep complete and accurate records of all funds, accounts, and investments, and shall distribute to the issuer, at least once each year (or more often if reasonably requested by the issuer), a summary of such funds, accounts, and investment earnings. The issuer shall retain all such records and any additional records with respect to such funds, accounts, and investment, earnings so long as any of the notes are outstanding and as long thereafter as necessary to comply with the code and assure the exclusion of interest, if any, on the notes from gross income for federal income tax purposes.
(Ord. passed - -)