The University funds eligible capital projects through qualified 501(c)(3) tax-exempt bonds (“TEBs”) issued on its behalf as a conduit borrower by The Dormitory Authority of the State of New York or another state or local government agency. The interest paid to holders of TEBs is tax-exempt. TEBs retain their tax-exempt status throughout their life. The tax exemption is subject to compliance by the University with certain federal laws, including laws governing investment, expenditure and use of bond proceeds. This policy provides guidance regarding the retention of records relating to tax-exempt bond financings.