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(3) Demand deposits, time certificates of deposit <br /> or negotiable certificates of deposit issued by a state <br /> or nationally chartered bank or trust company, including <br /> the Trustee, or a state or national savings and loan <br /> association, provided that such certificates of deposit <br /> will be (i) continuously and fully insured by the Federal <br /> Deposit Insurance Corporation or the Federal Savings and <br /> Loan Insurance Corporation or (ii) issued by any bank or <br /> trust company organized under the laws of any state of <br /> the United States, or any national banking association <br /> (including the Trustee), having a combined capital and <br /> surplus of at least $500,000,000, whose non-guaranteed <br /> senior debt is rated "A" or better by Standard & Poor's <br /> Corporation and by Moody's Investors Service and such <br /> certificates will have maturities of six months or less, <br /> or (iii) continuously and fully secured by such <br /> securities as are described in clauses (1) or (2) above, <br /> which securities have a market value (exclusive of <br /> accrued interest) at all times at least equal to the <br /> principal amount of such certificates of deposit; and <br /> <br /> (4) Any repurchase agreement with any bank or trust <br /> company organized under the laws of any state of the <br /> United States (including the Trustee) or any national <br /> banking association or government bond dealer reporting <br /> to, trading with and recognized as a primary dealer by, <br /> the Federal Reserve Bank of New York, which agreement is <br /> secured by any one or more of the securities described in <br /> clauses (1) or (2) above, provided the underlying <br /> securities are held by the Trustee during the term of <br /> such repurchase agreement and in which the Trustee has a <br /> perfected security interest, and provided the securities <br /> are continuously maintained at a market value of not less <br /> than 100% of the amount so invested. <br /> <br /> "P p yment Fund" means the fund by that name re a <br />established in Section 5.02 of the Trust Agreement. <br /> <br /> "Principal Fund" means the fund by that name <br />established in Section 5.02 of the Trust Agreement. <br /> <br /> "Project" means Capital Projects I and II. <br /> <br /> "Rebate Certificate" means a certificate relating to <br />Section 148(f) of the Code, executed by the City to the date <br />of initial delivery of the Certificates, as originally <br />delivered and as it may be amended from time to time. <br /> <br /> "Rebate Fund" means the fund by that name <br />established in Section 5.04 of the Trust Agreement. <br /> <br /> B-4 <br />1685S <br /> <br /> <br />