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09 <br />ARTICLE VII <br />INVESTMENTS <br />Section 701. (a) Moneys held for the credit of the Construction <br />Fund shall, upon and in accordance with the direction by the duly designated <br />representative of Westport, be invested and reinvested by the Trustee in <br />direct obligations of, or obligations the principal of and interest on which <br />are guaranteed by, the United States of America, Bank Certificates of <br />Deposit, or other lawful investments having maturity dates, or subject <br />to redemption by the holder at the option of the holder, on or prior to the <br />dates the funds will be needed as specified by the duly authorized representa- <br />tive of Westport. <br />(b) Moneys held for the credit of any other fund shall to the <br />extent practicable be invested and reinvested in direct obligations of, or <br />obligations the principal of and interest on which are guaranteed by, the <br />United States of America, Bank Certificates of Deposit, or other lawful <br />investments having maturity dates or subject to redemption by the holder <br />thereof at the option of the holder, not later than the date or dates on <br />which the money held for credit of the particular fund shall be required <br />for the purposes intended. The Trustee shall so invest and reinvest pur- <br />suant to instructions from a duly designated representative of Westport. <br />(c) Obligations so purchased as an investment of moneys in <br />any such fund shall be deemed at all times a part of such fund, and the <br />interest accruing thereon and any profit realized from such investment <br />shall be credited to such fiind, and any loss resulting from such investments <br />shall be charged to such fund. <br />