1978-10 CRA - Laserfiche WebLink

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" . 2/28/78 - provided, on or after February 1, 1979, at any time or times during any year but any such purchases (except for interest accrued) shall be made only with the portion of the then balance in said fund which is in excess of Minimum Reserve plus the amount of principal and interest to become due on the then outstanding Bonds (including additional bonds) on the next two following interest pay- ment dates. ~ Section 20. Deposit and Investment of Moneys in Funds. Subject to the provisions of Covenant 9 of Section 21 hereof, all moneys held by the Fiscal Agent in the Redevelopment Fund and in the Special Fund or any account thereof, except such moneys which are at the time invested, sball be held in time or demand deposits in any bank or trust company authorized to accept deposits of public funds (including the banking <!epartment of the FISCal Agent) and shall be secured at all times by bonds or other obligations which are authorized by law as security for public deposits, of a market value at least equal to the amount required by law. Moneys in the Redevelopmentt Fund may be from time to time invested by the FISCal Agent, and moneys in the Special Fund may, and upon written request of the Agency shall, be invested by the FIscal Agent, in Federal Securities, subject to the following restrictions: (a) Moneys in the Redevelopment Fund shall be invested in obligations which will by their terms mature as close as practicable to the date the Agency estimates the moneys represented by the particular investment will be needed for withdrawal from such fund. (b) Moneys in the Special Fund shall be invested only in obligations which will by their terms mature on such dates as to insure that before each interest payment date there will be in such fund, from matured obligations and other moneys already in such fund, cash equal to the interest and princiPal payable on such date. . Obligations purchased as an investment of moneys in either of said funds or anv account. thereof shall be deemed at all times to be a part of such fund or any accounts thereof and the interest accruing thereon and any gain realized from such investment shall be credited to such fund or any accounts thereof and any loss resulting from any such authorized investment shall be charged to such fund or any accounts thereof without liability to the Agency or the members and officen thereof or to the Fiscal Agent. The Fiscal Agent may, however, if requested by the Agency, transfer investment income received on moneys in the Reserve Account in excess of the Minimum Reserve to the Redevelopment Fund and may transfer investment income received on moneys in the Redevelopment Fund to the Reserve Account. The Fiscal Agent shall sell at the best price obtainable or present for redemption any obligation so purchased whenever it shall be necessary to do so in order to provide moneys to meet any payment or transfer from such fund or any accounts thereof as required by this resolution. For the purpose of de- termining at any given time the balance in any such fund or any accounts thereof any such investment constituting a part of such fund or any accounts thereof sball be valued at the then estimated market value of such investment. Section 21. Covenants of the Agency. The Agency shall preserve and protect the security of the Bonds and the rights of the bondholden and defend their rights against all claims and demands of all penons. Until such time as an amount has been set aside sufficient to pay at maturity, or to call prior to maturity, all outstanding Bonds, plus unpaid interest thereon to maturity, or to the call date, the Agency will (through its proper memben, ofIicen, agents or employees) faithfully perform and abide by all of the covenants, undertakin~ and provisions contained in this resolution or in any Bond issued hereunder, including the following covenants and agreements for the benefit of the bondholden: 1. The Agency covenants and agrees that it will diligently carry out and continue to comple- tion, with all practicable dispatch, the Redevelopment Project in accordance with the Law and the Redevelopment Plan and in a sound and economical manner. The Redevelopment Plan may be . 11