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? <br />and the Executive Officer or Fiscal Officer is hereby authorized and <br />directed to execute and file with the Internal Revenue Service a state- <br />ment regarding such election, as provided by the rules and regulations <br />of the Internal Revenue Service. <br />Section 12. Investment of Bond Fund and Construction Fund. <br />Moneys in the Bond Fund and the Construction Fund shall be invested and <br />reinvested by the Trustee in any Eligible Investments at the written <br />request or the oral request with written confirmation of the Authorized <br />Company Representative, provided that investroents of moneys in the Bond <br />Fund shall mature or be redeemable at the option of the holder at the <br />times and in the amounts necessary to provide moneys applicable here- <br />under to pay Bond service charges as they fall due at stated maturity or <br />by redemption, and that each investment of moneys in the Construction <br />Fund shall in any event mature or be redeemable at the option of the <br />holder at such time as may be necessary to make payments from said <br />Funds. Subject to any such orders with respect thereto, the Trustee may <br />from time to time sell such investments and reinvest the proceeds there- <br />from in Eligible Investments maturing or redeemable as aforesaid. <br />Any such investments may be purchased from the Trustee. The <br />Trustee shall sell or redeem investments standing to the credit of the <br />Bond Fund to produce sufficient moneys applicable hereunder to and at <br />the times required for the purposes of paying Bond service charges when <br />due as aforesaid, and shall do so without necessity for any order on <br />behalf of the Issuer and without restriction by reason of any such <br />order. An investment made from moneys credited to the Bond Fund or the <br />Construction Fund shall constitute part of that respective Fund and such <br />respective Fund shall be credited with all proceeds of sale and income <br />from such investment. For purposes of this Indenture and the Bond <br />Legislation, such investments shall be valued at face amount or market <br />value, whichever is less. <br />Section 13. Indenture and Agreement. In order to secure the <br />payment of the Bond service charges as the same shall become due and <br />payable, the Executive Officer and the Fiscal Officer are hereby author- <br />ized and directed to execute, acknowledge and deliver, in the name and <br />on behalf of the Issuer, the Indenture and the Agreement in substantially <br />the forms submitted to the Issuer, which instruments are hereby approved, <br />with such changes therein not inconsistent with this Bond Legislation <br />and not substantially adverse to the Issuer as may be permitted by the <br />Act and approved by the officers executing the same on behalf of the <br />Issuer. The approval of such changes by said officers, and that such <br />are not substantialLy; adverse to the Issuer, shall be conclusively <br />evidenced by the execution of the Indenture and the Agreement. <br />This Bond Legislation shall constitute a part of the Indenture <br />as therein provided and for all purposes of said Indenture, including, <br />tuithout limitation thereto, epplication to this Bond Legislation of the <br />provisions in the Indenture relating to amendment, modification and <br />supplementation, and provisions for severability. <br />Section 14. Other pocuments. The Clerk of Council, the <br />members of the Legislative Authority, the Legal Officer, the Executive <br />BR-20