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credit of the Trustee, and provided further that the Trustee may restrict such investment if <br />required to keep moneys available for the purposes of the Indenture. <br />(12) Shares in a State of California common law trust established pursuant to Title 1, <br />Division 7, Chapter 5 of the California Government Code which invests exclusively in <br />investments permitted by Section 53601 of Title 5, Division 2, Chapter h of the California <br />Government Code, as it may be amended. <br />"Principal Account" shall mean the account maintained within the Tax Increment Fund <br />pursuant to Section 5,03 of the Indenture. <br />"Principal Installment" shall mean, with respect to any Principal Payment Date, the <br />principal amount of Outstanding Bonds (including mandatory sinking fund payments) due on <br />such date, if any. <br />"Principal Corporate Trust Office" shall mean the office of the Trustee in Costa Mesa, <br />California, except that with respect to presentation of Bonds for payment, transfer or exchange, <br />such term shall mean the corporate trust office of the Trustee in Wilmington, Delaware, or such <br />other offices as it shall designate from time to time. <br />"Principal Payment Date" shall mean any September 1 on which principal of any Series <br />of Bonds is scheduled to be paid, commencing on September 1, 2017 with respect to the Series <br />2016 Bonds. <br />"Project Area" shall mean collectively the territory comprising the following <br />redevelopment projects of the Agency: (i) the Bristol Corridor Redevelopment Project, approved <br />by Ordinance enacted by the City Council of the City on ; (ii) the Central City <br />Redevelopment Project, approved by Ordinance No. enacted by the City Council <br />of the City on (iii) the Inner -City Commuter Station Redevelopment Project, <br />approved by Ordinance No. 528 enacted by the City Council of the City on ; the <br />North Harbor Boulevard Redevelopment Project, approved by Ordinance enacted by the <br />City Council of the City on ; the South Harbor Boulevard/Fairview Street <br />Redevelopment Project, approved by Ordinance enacted by the City Council of the City <br />on ; and the South Main Redevelopment Project, approved by Ordinance <br />enacted by the City Council of the City on ;in each case together with any amendments <br />duly authorized pursuant to the Redevelopment Law. <br />"Qualified Reserve Account Credit Instrument" shall mean (i) the 2016 Reserve <br />Policy or (ii) an irrevocable standby or direct -pay letter of credit or surety bond issued by a <br />commercial bank or insurance company and deposited with the Trustee pursuant to Section <br />5.03(d) provided that all of the following requirements are met by the Agency at the time of <br />delivery thereof to the Trustee: (a) S &P or Moody's has assigned a long -term credit rating to <br />such bank or insurance company of "A" (without regard to modifier) or higher; (b) such letter of <br />credit or surety bond has a term of at least twelve (12) months; (c) such letter of credit or surety <br />bond has a stated amount at least equal to the portion of the Reserve Account Requirement with <br />respect to which funds are proposed to be released pursuant. to Section 5.03(d); (d) the Trustee is <br />authorized pursuant to the terms of such letter of credit or surety bond to draw therei ider an <br />3 -29 <br />