674 - Laserfiche WebLink

Home Browse Search

I%W ARTICLE VII INVESTMENTS Section 701. (a) Moneys held for the credit of the Con- struction Fund shall be invested and reinvested in direct obligations of, or obligations, the principal and interest on which are guaran- teed by, the United States Government, which have maturity dates, or are subject to redemption by the holder at the option of the holder, on or prior to the dates the funds will be needed. The Trustee of the Construction Fund shall so invest and reinvest the funds therein on the basis of certificates of the architectural and engineering firm supervising the construction work as to when the funds being invested will be needed for the project. (b) Moneys held for the credit of any other fund shall be invested and revi_naested by the Trustee in direct obligations of, or obligations, the principal of and interest on which are guaranteed by, the United States Government, which shall mature, or which shall be subject to redemption by the holder at the option of the holder, not later than the date or dates when the money held for the credit of the particular Lund will be required for the purposes intended. The reserve for contingencies in the Bond Fund may be invested in such obligations having maturity dates or subject to redemption not to exceed ten (10) years from the date of purchase. (c) Obligations so purchased as an investment of moneys in any such fund shall be deemed at all times a part of such fund, and the interest accruing thereon and any profit realized from such investments shall be credited to such fund, and any loss resulting from such investment shall be charged to such fund, but such charge shall not affect the obligations of the City and the County for the payment of Construction Cost in the amount of $1,300,000 as referred to in Section 603 hereof.