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• the holder thereof, at the option of such holder, not later than <br /> five (5) years after the date of investment or the final maturity <br /> date of the outstanding bonds, whichever is earlier. The Trustee <br /> shall so invest and reinvest pursuant to the direction of the City <br /> and in the Trustee's discretion in the absence of any direct <br /> instruction from the City. <br /> (b) Moneys held for the credit of the Bond Fund (other <br /> than the Debt Service Reserve) shall be invested and reinvested in <br /> Permitted Investments, which shall mature, or which shall be <br /> subject to redemption by the holder thereof, at the option of such <br /> holder, not later than the date or dates when the moneys will be <br /> required for payment of the principal of and interest on the Bonds <br /> when due. The Trustee shall invest and reinvest pursuant to the <br /> direction of the City and in the Trustee's discretion in the <br /> absence of any direct instructions from the City. <br /> (c) Moneys held for the credit of the Construction Fund <br /> and all other Funds established hereunder may be invested and <br /> reinvested pursuant to the direction of the City in Permitted <br /> Investments which shall mature, or which shall be subject to <br /> redemption by the holder thereof, at the option of such holder, not <br /> later than the date or dates when such money will be required for <br /> the purposes intended. <br /> (d) Obligations so purchased as an investment of moneys <br /> • in any fund shall be deemed at all times to be a part of such fund <br /> and the interest accruing thereon and any profit realized from such <br /> investments shall be credited to such fund, and any loss resulting <br /> from such investment shall be charged to such fund. <br /> (e) Investments of moneys in all funds shall be valued <br /> in terms of current market value at least annually. To the extent <br /> that the value of the Debt Service Reserve exceeds the Required <br /> Level, funds shall be transferred as set forth in Section 11 <br /> hereof; to the extent the value of the Debt Service Reserve is less <br /> than the Required Level, such deficiency shall be cured within 180 <br /> days. <br /> Section 23 . When the Series 1991 Bonds have been <br /> executed and the seal of the City impressed as herein provided, <br /> they shall be delivered to the Trustee, and the Trustee shall <br /> authenticate them and deliver them to the Underwriter upon payment <br /> in cash of the purchase price of $5, 991, 772 . 50 plus accrued <br /> interest from December 1, 1991, to the date of delivery ("total <br /> sale proceeds") plus funds provided by the Commission. The Trustee <br /> shall disburse such funds as set forth in detail in a letter of <br /> delivery instructions and delivered to the Trustee as follows: <br /> (1) The Trustee shall deposit the amount of the accrued <br /> interest in the Bond Fund. <br /> to\kay%mmi.oaz —24— <br />