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<br />I . <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />(c) 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 />(d) 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 or five <br />(5) years from the date of investment, whichever is earl~er. <br /> <br />(e) Moneys in the Escrowed Proceeds Fund shall be <br />invested in accordance with the~nvestmentœgreement as <br />described in (f) below or otherwise in Federal Secur~t~es <br />which mature on or before June 1, 1989, Any monies <br />remaining in the Escrowed Proceeds Fund after May 1, 1989 <br />shall be used to redeem the Special Term Bonds on June 1, <br />1989 in accordance with Section I1B of this Resolution. <br /> <br />(f) Investment agreements with a bank or insurance <br />company which has an unsecured, uninsured and unguaranteed <br />obligation (or claims-paying ability) rated "Aa" or better <br />by Moody's Investors Service, Inc, and "AA" or better by <br />Standard Poor's Corporation, or is the lead bank of a <br />parent bank holding company with an uninsured, unsecured <br />and unguaranteed obligation meeting such rating <br />requirements, provided: <br /> <br />(1) the terms and provider of the agreement are <br />specifically approved by~the Bond Insurer; and <br /> <br />(2) interest is paid at least semi-annually at a <br />fixed rate during the entire term of the agreement, <br />consistent with bond payment dates; and <br /> <br />(3) moneys invested thereunder may be withdrawn <br />without any penalty, premium, or charge upon not more <br />than one day's notice (provided such notice may be <br />amended or canceled at any time prior to the <br />withdrawal date); and <br /> <br />(4) the agreement is not subordinated to any <br />other obligations of such insurance company or bank; <br />and <br /> <br />(5) the same guaranteed interest rate will be <br />paid on any future deposits made to restore the <br />reserve to its required amount; and <br /> <br />05-23-86 <br />1665k/2281/06 <br /> <br />-21- <br />