Laserfiche WebLink
<br />directions from the City, in Permitted Investments (i) having an average aggregate weighted term <br />to maturity not greater than five (5) years, or (ii) of any maturity, but callable at par for any <br />purpose required by this Indenture. Investment directions shall be received at least two (1) <br />Business Days prior to the date of making the investment. If no such direction has been received <br />by the Trustee in sufficient time. in the judgment of the Trustee to comply with such instructions <br />the Trustee may invest such amounts in Permitted Investments of the type described in paragraph <br />(D) of the definition thereof. The Trustee and any affiliates may act as sponsor. advisor, <br />principal or agent in the acquisition or disposition of any such investment. The Trustee shall not <br />be liable or responsible for any loss suffered in connection with any such investment made by it <br />under the terms of and in accordance with this Section 10,09. The Trustee may sell or present for <br />redemption any obligations so purchased whenever it shall be necessary in order to provide <br />moneys to meet any payment of the funds so invested. and the Trustee shall not be liable or <br />responsible for any losses resulting from any such investment sold or presented for redemption. <br />Interest or profit received on such investments shall be deposited to the Reserve Fund to the <br />extent the amount on deposit therein is less than the Reserve Requirement and thereafter to the <br />Payment Fund. <br /> <br />The City acknowledges that to the extent regulations of the Comptroller of the <br />Currency or other applicable regulatory entity grant the City the right to receive brokerage <br />confirmations of security transactions as they occur. the City will not receive confirmations to the <br />extent permitted by law. The Trustee will furnish the City periodic cash transaction statements <br />which include detail for all investment transactions made by the Trustee hereunder. <br /> <br />The Trustee may make any investrnents hereunder through its own bond or <br />investment department or trust investment department. or those of its parent or any affiliate. <br /> <br />(b) In computing the amount in any fund or account Permitted Investments shall be <br />valued at market value. exclusive of accrued interest Except as provided in Section 3,06 <br />(relating to the valuation of the Reserve Fund). valuation shall occur as determined by the City. <br />but not less often than annually. and upon any draw on the Reserve Fund. <br /> <br />(c) Except for investment agreements and repurchase agreements. if at any time after <br />investment therein a Permitted Investrnent ceases to meet the criteria set forth in the definition of <br />Permitted Investrnents and such obligation. aggregated with other non-conforming investrnents. <br />exceeds ten percent (10%) of invested funds. such Permitted Investment shall be sold or <br />liquidated. <br /> <br />Section 10.10. Article and Section Headings. Gender and References. The headings or <br />titles of the several articles and sections hereof and the table of contents appended hereto shall be <br />solelv for convenience of reference and shall not affect the rneaning. construction or effect <br />. , <br />hereof. and words of any gender shall be deerned and construed to include all genders. All <br />references herein to "Articles:' "Sections" and other subdivisions or clauses are to the <br />corresponding articles. sections. subdivisions or clauses hereof: and the words "hereby:' <br />"herein:' "hereof." "hereto:' "herewith:' "hereunder" and other words of similar import refer to <br />this Indenture as a whole and not to any particular article. section. subdivision or clause hereof. <br /> <br />-45- <br /> <br />Pleasanton Cross TO\l.:n Indenture (2).DOC <br />