1981-040 CRA - Laserfiche WebLink

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ARTICLE VI I SECURITY FOR OEPOSITS ANO INVESTMENT OF FUNDS 701. Security for Deposits. All rroneys held hereunder by the Trustee and any Paying Agent except as .otherwise provided shall be continuously and fully secured by securities eligible by law to be held as security for public deposits of a market value at least equal to the amount required by law; provided, h.owever, that it shall not be necessary for any Paying Agent to give secur ity for the depos it of any moneys with it he 1d in tru st for the payment of the principal or Redemptiòn Price of or interest on Bonds, or for the Trustee to give security for any moneys which shall be represented by obligations purchased under the pr.ovisions of this Resolution as an investment of such moneys. 702. Investment of Moneys Held by the Trustee. (A) Each of the Funds .or Accounts he 1d by the Trustee shall be a trust fund for the purpose thereof. Moneys in. each of said Funds or Accounts shall be invested by the Trustee in Permitted Investments; provided, that the Agency may direct the Trustee as to specific Permitted Investments by Officer's Certificate. The maturity or redempt ion date of such investments shall coincide as nearly as practicable with the times at which rroneys in said Funds or Accounts will be required for the purposes in this Resolution. (B) The Agency shall, by Officer's Certificate delivered to the Trustee concurrently with the delivery of the Bonds to the purchasers thereof, auth.orize and direct the Trustee to enter into an agreement with First Chicago Corporat ion to purchase Permitted Investments as in sa i d agreement described and an Authorized Officer shall, prior thereto, enter into such an agreement with First Chicago Corporation on behalf of the Agency. The Trustee shall not sell, pledge, assign or otherwise transfer such Permitted Investments without the prior written consent of the parties theret.o to such sale, assignment or transfer. (C) Moneys deposited in the Interest Fund representing accrued interest paid upon delivery of the Bonds and moneys deposited in the Debt Service Reserve Fund representing the initial deposit therein of a porti.on of the proceeds of the Bonds shall be invested as directed in the Certificate of Projected Pledged Revenues delivered to the Trustee concurrently with the delivery of the Bonds. The amount of Bond proceeds initially transferred from the Issuance Expense Account to the Debt Service Reserve Fund shall be redepos ited by the Trustee into the Issuance Expense Account as soon as there are sufficient investment earnings available in the Debt Service Reserve Fund for such purpose. (D) Permitted Investments purchased as an investment of moneys in any Fund .or Accounts held by the Trustee shall be deemed at all times to be a part of such Fund or Accounts until such amount is transferred in accordance with this Resolution. 39 . . . . .