Using Microsoft 365 as an example, Microsoft does have archive and record retention capability as well as eDiscovery support. But for details please review their services page as that will have the most accurate information. If you go to the same link as above and look in the “Security and compliance” you’ll see a bit of what they are asking about.
But please refer to the specific vendor you’re interested in to see what capabilities they support and if that will work for you and your borough.