SA-3 - RESO TAX ALLOCATION BOND - Laserfiche WebLink

Home Browse Search

the United States with total assets in excess of $500 million and having at the time of purchase "A" or better rating for the issuer's long-term debt as provided by S&P and "A-1" or better rating for the issuer's short-term debt as provided by S&P. (4) The Orange County Treasury Pool. (5) Bills of exchange or time drafts drawn on and accepted by a commercial bank, otherwise known as "bankers' acceptances," having original maturities of not more than 180 days. The institution must have a minimum short-term debt rating of "P-1" by S&P, and a long- term debt rating of no less than "A" by S&P. (6) Shares of beneficial interest issued by diversified management companies, known as money market funds, registered with the U.S. Securities and Exchange Commission under the Investment Company Act of 1940 (15 U.S.C. Sec. 80a-1 et seq.) and whose fund has received the highest possible rating from S&P and at least one other Rating Agency including funds for which the Trustee or its affiliates receives and retains a fee for services provided to the fund, whether as a custodian, transfer agent, investment advisor or otherwise. (7) Certificates of deposit issued by a nationally- or state -chartered bank or a state or federal association (as defined by Section 5102 of the California Financial Code) or by a state - licensed branch of a foreign bank, in each case which has, or which is a subsidiary of a parent company which has, obligations outstanding having a rating in the "A" category or better from S&P which may include the Trustee and its affiliates. (8) Pre -refunded municipal obligations rated "AAA" by S&P meeting the following requirements: (a) the municipal obligations are (i) not subject to redemption prior to maturity or (ii) the trustee for the municipal obligations has been given irrevocable instructions concerning their call and redemption and the issuer of the municipal obligations has covenanted not to redeem such municipal obligations other than as set forth in such instructions; (b) the municipal obligations are secured by cash or United States Treasury Obligations which may be applied only to payment of the principal of, interest and premium on such municipal obligations; (c) the principal of and interest on the United States Treasury Obligations (plus any cash in the escrow) has been verified by the report of independent certified public accountants to be sufficient to pay in full all principal of, interest, and premium, if any, due and to become due on the municipal obligations ("Verification"); (d) the cash or United States Treasury Obligations serving as security for the municipal obligations are held by an escrow agent or trustee in trust for owners of the municipal obligations; 4150-2542-5420.3 10 40990-25 SA -3-28