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"Escrow Securities" means: <br /> <br /> (i) ~ay bonds, debentures, notes, participation certificates <br />or other obli~a£to~s w~/ch are, or which evidence undivided frac- <br />tional fnte=ests in, 4~rect obligations of, or fully guaranteed by, <br />the United States of America or any agency, corporation or public <br />body which is controlled or supervised by and acting as an instru- <br />mentality of the United States of America, including, without <br />limitation, obligations issued or held in book entry form on the <br />books of the Department of the Treasury of the United States of <br />America; <br /> <br /> (ii) Certificates of deposit of any savings and loan corpora- <br />tion or savings association or bank or trust company, including the <br />Refunding Trustee or any affiliate of the Refunding Trustee, and <br />investment agreements with any bank, trust company, national <br />banking association, including the Refunding Trustee or any af- <br />filiate of the Refunding Trustee, ,or other financial institution or <br />insurance company, provided that: (a) any such certificate of <br />deposit, to the extent not insured by the FDIC or FSLIC, shall be <br />secured by Escrow Securities described in clause (i) above having a <br />market value (exclusive of accrued interest other than accrued <br />interest paid upon the purchase thereof) at all times at least <br />equal to the uninsured amount of such deposit, and which shall be <br />placed in the custody of the Refunding Trustee or a depository by <br />such savings and loan corporation or savings association or bank or <br />trust company together with its undertaking, in form satisfactory <br />to the Refunding Trustee, that the aggregate market value of the <br />securities securing such certificates of deposit or time deposits <br />will at all times be an amount which meets the requirements of this <br />clause; and (b) (1) the unsecured obligations of the bank, trust <br />company, national banking association, or other financial institu- <br />tion or insurance company that is the obligor under any such <br />investment agreement shall be rated "AAA" or higher by a Rating <br />Service, and (2) each such investment agreement shall be fully <br />secured and collateralized by the pledge and deposit of Escrow <br />Securities described in clause (i) above with a market value at <br />least equal to one hundred percent (100%) of the principal amount <br />thereof and free and clear of claims of third parties, in which <br />Escrow Securities the Refunding Trustee shall have a perfected <br />first security interest and of which Escrow Securities the <br />Refunding Trustee or another depository shall have custody; and <br /> <br /> (iii) Obligations of any state of the United States or any <br />political subdivision of any state which are secured by obligations <br />specified in (i) above and are rated "AAA" by a Rating Service; <br /> <br />provided that any such investment or deposit is not prohibited by law. <br /> <br />"Executive" means the Mayor of the Issuer. <br /> <br />"Fiscal Officer" means the Director of Finance of the Issuer. <br /> <br />-3- <br /> <br /> <br />