86-064 Ordinance - Laserfiche WebLink

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-y. "Eligible Investments" means (i) any bonds or other direct obligations of the United States of America; (ii) obligations of the Federal National Mortqage Association or the Government National Mortqaqe Association; (iii) obligatlons of the Federal Inter- mediate Credit Banks; (iv) obligations of Federal Banks tor Cooperatives; (v) obliqations of Federal Land Banks; (vi) obligations of the Federal Financinq Bank; (vii) bank repurchase aqreements issued by a Fecieral Reserve member bank, includinq the Trustee or any of its atfiliates, fully secured byo ubligations of any of the kinds specified in clauses (i) throuqh (vi) above; (viii) time aeposits, certificates of deposit or bankers acceptances of banks or trust companies, includinq the Trustee or any of its atfiliates, orqanized under the laws ot the United States of America or any state thereof, which have combined capital and earned and unearned surplus of at least $25,000,000 in dollars of the United States of America; (ix) commercial paper (including that of an arfiliate of the Trustee) or finance company paper which is rated not less than prime-one or A-1 or their equivalents by Mooay's Investors Service, Inc., or Standard & Poor's Carporation, respectively, or their successors, or both, it rated by both; (x) obligations, of any state of the United States of America or of any political subdivision or other instrumentality of any such state, which are rated at least "A" or its equivalent by either Moody's Investors Service, Inc., or Stanaard & Poor's Corporation, or their successors, or both, if rated by both; provided, however, with respect to proceeds of the Bonds invested in any account established pursuant to the Mortgaqe, Eligible Investments shall mean only obligations described in clause (x) ot this paragraph, the interest on which is exempt from Federal income taxation pursuant to Section 103 of the Code. "Event of Taxability" means the occurrence of circumstances which a Determination of Taxability shall have tound to have occurred, or which shall constitute a Determination of Taxability, and which results in the interest payable on the Bonds becoming includable in the gross income for Federal income tax purposes of any Holder (other than a Holder who is a Substantial User of the Project or a Related Person), such occurrence of circumstances relatinq to a specific point in time. "Excess between deposite Project thereon, purchase Acquisition (a) the sum d into the Fund, plus and (b) the of Project f Proceeds" means the difference of (i) tne proceeds of the Bonds Acquisition Sub-Account of the (ii) any investment earninqs amount actually expended for the acilities. -4-