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<br />-4- <br />(d) commercial paper which is rated at the time of purchase in the single highest <br />classification, “P-1” by Moody’s and “A-1+” by S&P, and which matures not more than 270 <br />calendar days after the date of purchase; <br /> <br />(e) investments in a money market fund, including those of an affiliate of the Trustee, <br />rated “AAAm” or “AAAm-G” or better by S&P, including funds for which the Trustee, its parent <br />holding company, if any, or any affiliates or subsidiaries of the Trustee or such holding company <br />provide investment advisory or other management services; <br /> <br />(f) pre-refunded municipal obligations defined as follows: any bonds or other <br />obligations of any state of the United States of America or of any agency, instrumentality or local <br />governmental unit of any such state which are not callable at the option of the obligor prior to <br />maturity or as to which irrevocable instructions have been given by the obligor to call on the <br />date specified in the notice; and (i) which are rated, based upon an irrevocable escrow account <br />or fund, in the highest rating category of Moody’s and S&P or any successors thereto; or (ii)(A) <br />subject to the approval of S&P, which are fully secured as to principal and interest and <br />prepayment premium, if any, by an escrow consisting only of Federal Securities, which escrow <br />may be applied only to the payment of such principal of and interest and prepayment premium, <br />if any, on such bonds or other obligations on the maturity date or dates thereof or the specified <br />prepayment date or dates pursuant to such irrevocable instructions, as appropriate, and (B) <br />which escrow is sufficient, as verified by a nationally recognized independent certified public <br />accountant, to pay principal of and interest and prepayment premium, if any, on the bonds or <br />other obligations described in this paragraph on the maturity date or dates thereof or on the <br />prepayment date or dates specified in the irrevocable instructions referred to above, as <br />appropriate; and <br /> <br />(g) the Local Agency Investment Fund of the State of California, created pursuant to <br />Section 16429.1 of the California Government Code, to the extent the Trustee is authorized to <br />register such investment in its name. <br /> <br />“Authorized Official” means: (a) with respect to the Authority, its Executive Director, <br />Treasurer or any other person designated as an Authorized Official of the Authority by a Written <br />Certificate of the Authority signed by its Executive Director or Treasurer and filed with the City <br />and the Trustee; and (b) with respect to the City, its City Manager, Director of Finance or any <br />other person designated as an Authorized Official of the City by a Written Certificate of the City <br />signed by its City Manager or Director of Finance and filed with the Authority and the Trustee. <br /> <br />“Bond Counsel” means (a) Jones Hall LLP, or (b) any other attorney or firm of attorneys <br />appointed by or acceptable to the Authority of nationally-recognized experience in the issuance <br />of obligations the interest on which is excludable from gross income for federal income tax <br />purposes under the Tax Code. <br /> <br />“Bond Fund” means the fund by that name established and held by the Trustee under <br />Section 5.01. <br /> <br />“Bond Law” means the provisions of Article 4 of Chapter 5, Division 7, Title 1 of the <br />Government Code of the State of California, commencing with Section 6584 of said Code, as in <br />effect on the Closing Date or as thereafter amended in accordance with its terms. <br /> <br />“Bond Registration Books” means the records maintained by the Trustee under Section <br />2.06 for the registration and transfer of ownership of the Bonds. <br />Page 20 of 205