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<br />. <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Section 16. Deposit and Investment of Moneys in Funds, <br />Subject to the provisions of Covenant 9 of Section 18 hereof, <br />all moneys held by the Agency in the Redevelopment Fund, except <br />such moneys which are at the time invested in obligations in <br />which the Agency is authorized to make investments, and by the <br />Fiscal Agent in the Special Fund which are not otherwise <br />invested pursuant to this Section shall be held in time or <br />demand deposits in any bank or trust company authorized to <br />accept deposits of public funds (including the banking <br />department of the Fiscal Agent) and all of such deposits shall <br />be secured at all times by bonds or other obligations which are <br />authorized by law as security for public deposits, of a market <br />value at least equal to the amount required by law. The moneys <br />held by the Fiscal Agent may be invested in taxable government <br />money market funds managed by regulated investment companies <br />and restricted to obligations with maturities of one year or <br />less issued or guaranteed as to payment of principal and <br />interest by the full faith and credit of the United States, <br />provided....!lliL above money market funds are rated" AAM" or <br />"AAm-G" or better by Standard & Poor's Corporation. <br /> <br />Moneys in the Redevelopment Fund shall from time to time be <br />invested by the Agency, and moneys in the Special Fund may be <br />invested by the Fiscal Agent and upon request of the Agency <br />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) Any nationally or state chartered bank or savings <br />and loan association issuing such negotiable certificate of <br />deposit must: <br /> <br />(1) have an unsecured, uninsured and <br />unguaranteed obligation rated "Aa" or better by <br />Moody's Investors Service, Inc. and "AA" or better by <br />Standard & Poor's Corporation; or <br /> <br />(2) be the lead bank of a parent bank holding <br />company with an uninsured, unsecured and unguaranteed <br />obligation meeting the rating requirements in (1) <br />above. <br /> <br />(b) 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 />05-23-86 <br />l665k/2281/06 <br /> <br />-20- <br />