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<br />. <br /> <br />. <br /> <br />8 <br /> <br />. <br /> <br />. <br /> <br />(c) Moneys in the Debt Service Reserve Account shall <br />be invested only in obligations of the United States at a <br />yield not materially higher than the yield on the Bonds <br />which will by their terms mature on or before the date such <br />funds are expected to be required for expenditure; provided <br />that such moneys shall not be invested for a term~longer <br />than five (5) years. . <br /> <br />(d) Moneys in the Escrow Fund shall be invested in <br />Open Market Securities or other permitted direct <br />obligations of the United States at a yield not materially <br />higher than the yield on the Bonds. Interest earned on <br />money in the Escrow Fund shall be transferred on June 15 <br />and December 15 of each year to the Interest Account to pay <br />interest on the Bonds to the extent Tax Revenues are not <br />available therefor, <br /> <br />Except as otherwise provided in Section 13 hereof, <br />obligations purchased as an investment of moneys in any of the <br />Funds or Accounts shall be deemed at all times to be a part of <br />such respective Fund or Account and the interest accruing <br />thereon and any gain realized from an investment shall be <br />credited to such Fund or Account and any loss resulting from <br />any authorized investment shall be charged to such Fund or <br />Account without liability to the Agency or the members and <br />officers thereof or to the Fiscal Agent. The Agency or the <br />Fiscal Agent, as the case may be, shall sell at the best price <br />obtainable or present for redemption any obligation purchased <br />whenever it shall be necessary to do so in order to provide <br />moneys to meet any payment or transfer from such Fund or <br />Account as required by this Resolution. The investment <br />constituting a part of the Fund shall be valued at the then <br />estimated or appraised market value of the investment or face <br />amount thereof, whichever is lower; provided, however, that <br />investments in the Interest Account and the Principal Account <br />shall be valued at the face amount thereof. <br /> <br />Section 17. Issuance of Parity Bonds and Subordinate <br />Obligations. If at any time after the Initial Reset Date the <br />Agency determines it needs to do so, the Agency may provide for <br />the issuance of, and sell, Parity Bonds in such principal <br />amounts as it estimates will be needed. The issuance and sale <br />of any Parity Bonds shall be subject to the following <br />conditions precedent: <br /> <br />(a) the Agency shall be in compliance with all <br />covenants in this Resolution; <br /> <br />12-28-85 <br />0063k/2281/05 <br /> <br />-27- <br />