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"Facility Lease" means that certain lease, entitled <br />"Facility Lease (Capital Projects I and II)," by and between <br />the Corporation and the City, dated as of October 1, 1987. <br /> <br /> "Insurance Reserve Fund Requirement" means the <br />amount of Fifty Thousand Dollars ($50,000). <br /> <br /> "Interest Fund" means the fund by that name <br />established in Section 5.02 of the Trust Agreement. <br /> <br /> "Lease Fund" means the fund by that name established <br />in Section 4(b) of the Facility Lease. <br /> <br /> "Owner" means any person who shall be the registered <br />owner of any Outstanding Certificate. <br /> <br /> "Payment Date" means that April 1 or October 1 <br />during the period beginning April 1, 1988 and terminating on <br />October 1, 2008 to which reference is made. <br /> <br /> "PermiEted Investments" means any of the following <br />to the extent then permitted by the general laws of the State <br />of California applicable to investments by cities: <br /> <br /> (1) United States Treasury notes, bonds, bills, or <br /> certificates of indebtedness, or obligations for which <br /> the faith and credit of the United States of America are <br /> pledged for the payment of principal and interest <br /> (including obligations issued or held in book-entry form <br /> on the books of the Department of the Treasury of the <br /> United States of America and, if a legal opinion is <br /> furnished to the Trustee stating that such are legal <br /> investments under the laws of the State of California for <br /> moneys held under the Trust Agreement, securities which <br /> represent an undivided interest in such direct <br /> obligations), and also any securities now or hereafter <br /> authorized, both the principal of and interest on which <br /> is guaranteed directly by the full faith and credit of <br /> the United States of America; <br /> <br /> (2) Bonds or debentures of the Federal Home Loan <br /> Bank Board established under the Federal Home Loan Bank <br /> Act and bonds of any federal home loan bank established <br /> under said act; bonds, debentures, participation <br /> certificates or other obligations of the Government <br /> National Mortgage Association or the Federal National <br /> Mortgage Association established under the National <br /> Housing Act, as amended; and also any securities now or <br /> hereafter authorized, both the principal of and interest <br /> on which is guaranteed indirectly by the full faith and <br /> credit of the United States of America; <br /> <br /> B-3 <br />1685S <br /> <br /> <br />