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<br />. <br /> <br />Agency for any lawful purpose, including without <br />limitation, the purchase and/or call and redemption of <br />Bonds and Parity Bonds. <br /> <br />Section l6. Deposit and Investment of Moneys in Funds. <br />Subject to the provisions of Covenant 9 of Section l8 hereof, <br />all moneys held by the Agency in the Redevelopment Fund and by <br />the Fiscal Agent in the Special Fund, except such moneys which <br />are at the time invested in obligations in which the Agency is <br />authorized to make investments, shall be held in time or demand <br />deposits in any bank or trust company authorized to accept <br />deposits of public funds (including the banking department of <br />the Fiscal Agent) and all of such deposits shall be secured at <br />all times by bonds or other obligations which are authorized by <br />law as security for public deposits, of a market value at least <br />equal to the amount required by law. <br /> <br />. <br /> <br />Moneys in the Redevelopment Fund shall from time to <br />time be invested by the Agency, and moneys in the Special Fund <br />may be invested by the Fiscal Agent and upon request of the <br />Agency shall be invested in Federal Securities or negotiable <br />certificates of deposit issued by a nationally or state <br />chartered bank or savings and loan association, subject to the <br />following restrictions: <br /> <br />(a) Moneys in the Redevelopment Fund shall be <br />invested only in obligations which will by their terms <br />mature not later than the date the Agency estimates the <br />moneys represented by the particular investment will be <br />needed for withdrawal from the Fund. <br /> <br />(b) Moneys in the Interest and Principal Account of <br />the Special Fund shall be invested only in obligations <br />which will by their terms mature on such dates as to ensure <br />that before each interest and principal payment date, there <br />will be in such Account, from matured obligations and other <br />moneys already in such Account, cash equal to the interest <br />and principal, payable on such payment date. <br /> <br />(c) Moneys in the Reserve Account shall be invested <br />in obligations which will by their terms mature on or <br />before the date of the final maturity of the Bonds. <br /> <br />. <br /> <br />(d) Moneys in the Escrowed Proceeds Fund shall be <br />invested in Federal Securities which mature on before <br />January l, 1987. Any monies remaining in the Escrowed <br />Proceeds Fund after January 1, 1987 must be invested in <br />State and Local Government Series restricted yield <br />investments at a rate equal to the yield on the Special <br />Term Bonds which shall mature not later than January 1, <br />1989 or the monies must be used to redeem the Special Term <br />Bonds. <br /> <br />11-30-84 <br />1282p/2281/04 <br /> <br />-18- <br />