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I. Failure to maintain the requisite collateral percentage, after <br />a two day restoration period, will require the Trustee to liquidate <br />collateral. <br />g. Valuation of Collateral <br />(1) The securities must be valued by such dealer bank <br />or securities firm weekly, marked -to -market at current market <br />price plus accrued interest. <br />(a) The value of collateral must be equal to <br />104% of the amount of cash transferred by the Trustee to <br />the dealer bank or security firm under the repo plus accrued <br />interest. If the value of securities held as collateral falls <br />below 104% of the value of the cash transferred by the <br />Trustee, then additional cash and/or acceptable securities <br />must be transferred. If, however, the securities used as <br />collateral are FNMA or F ILMC, then the value of <br />collateral must equal 105%. <br />3. A legal opinion must be delivered to the Trustee to the effect that <br />the repo meets guidelines under state law for legal investment of public funds; <br />and <br />0) the Local Agency Investment Fund maintained by the State of California. <br />"Authorized Official" means the City Manager, Finance Director, Treasurer or any other <br />officer of the City duly authorized by the City Council for that purpose. <br />"Bond Counsel" means any attorney at law or firm of attorneys, of nationally recognized <br />standing in matters pertaining to the federal tax exemption of interest on bonds issued by states <br />and political subdivisions, and duly admitted to practice law before the highest court of any state <br />of the United States of America. <br />"Bond Law" means Sections 53570 et seq. and 53580 et seq. of the California <br />Government Code, as in effect on the Closing Date. <br />"Bond Registration Books" means the books maintained by the Trustee pursuant to <br />Section 2.08 for the registration and transfer of ownership of the Series 2019 Bonds. <br />"Bond Year" means the twelve-month period beginning on January 1 in each year and <br />ending on December 31 in the following year except that the Bust Bond Year shall begin on the <br />Closing Date. <br />`Business Day" means any day other than a Saturday, Sunday or a day on which the <br />Trustee is authorized by law to remain closed. <br />55394.00055\32329348.3 5 5Q-18 <br />