Read the following passage carefully:
Under the Municipal Administrative Software Sovereignty Policy, local governance councils overseeing urban jurisdictions with populations exceeding two hundred thousand must prioritize open-source software architectures for all public service portals. Private proprietary software platforms may only be procured if an independent technical committee certifies that no existing open-source solution meets the mandatory cybersecurity benchmarks within a six-month evaluation period. Furthermore, any private vendor contracted under this exemption is required to deposit their source code into a state-managed escrow vault and fund bi-annual security compliance audits. Municipalities operating under documented fiscal deficits are granted a temporary two-year waiver from conducting independent technical audits prior to selection, provided their procurement choice receives direct authorization from the regional oversight board. However, this audit waiver does not relieve fiscally distressed municipalities from ensuring that source code escrow terms are enforced whenever proprietary platforms are deployed.
Based on the passage above, evaluate the following statement as True or False:
'A municipality operating under a documented fiscal deficit that receives regional oversight board approval to procure proprietary software is exempt from requiring the vendor to deposit source code into a state-managed escrow vault.'
Answer: Answer