Laserfiche WebLink
certificate shall state, among other things, the date of the completion and that all obligations <br /> • payable from the Construction Fund have been discharged. A copy of the certificate shall be <br /> filed with the Trustee, and upon receipt thereof the Trustee shall transfer any remaining balance <br /> into the Redemption Account in the Bond Fund. <br /> Section 16. (a) Moneys held for the credit of the Construction Fund may be <br /> invested and reinvested at the direction of the City, and in the Trustee's discretion in the absence <br /> of any direct instructions from the City, in Permitted Investments or other investments from time <br /> to time permitted by law, which shall mature, or which shall be subject to redemption by the <br /> holder thereof, at the option of such holder, not later than the date or dates when such money will <br /> be required for the purposes intended. <br /> (b) Moneys held for the credit of the Bond Fund (other than the Debt Service <br /> Reserve Account therein) and the Revenue Fund shall be invested and reinvested at the direction <br /> of the City, and in the Trustee's discretion in the absence of any direct instructions from the City, <br /> in Permitted Investments, which shall mature, or which shall be subject to redemption by the <br /> holder thereof, at the option of such holder, not later than the date or dates when the moneys will <br /> be required for payment of the principal of and interest on the bonds when due. <br /> (c) Moneys held for the credit of the Debt Service Reserve Account in the <br /> Bond Fund shall be invested and reinvested at the direction of the City, and in the Trustee's <br /> discretion in the absence of any direct instructions of the City, in Permitted Investments, which <br /> shall mature, or which shall be subject to redemption by the holder thereof, at the option of such <br /> • holder, not later than seven (7) years after the date of investment or the final maturity date of the <br /> outstanding bonds, whichever is earlier. <br /> (d) Obligations so purchased as an investment of moneys in any fund shall be <br /> deemed at all times to be a part of such fund and the interest accruing thereon and any profit <br /> realized from such investments shall be credited to such fund, and any loss resulting from such <br /> investment shall be charged to such fund. <br /> (e) "Permitted Investments" are defined as (1) direct or fully guaranteed <br /> obligations of the United States of America ("Government Securities"), (2) direct obligations of <br /> an agency, instrumentality or government-sponsored enterprise created by an act of the United <br /> States Congress and authorized to issue securities or evidences of indebtedness, regardless of <br /> whether the securities or evidences of indebtedness are guaranteed for repayment by the United <br /> States Government, (3) certificates of deposit or demand deposits of banks, including the <br /> Trustee, which are insured by Federal Deposit Insurance Corporation or, if in excess of insurance <br /> coverage, collateralized by Government Securities or other securities authorized by State law to <br /> secure public funds or (4) money market funds invested exclusively in Government Securities <br /> and the obligations described in(2) above. <br /> (f) All investments and deposits in the Bond Fund and the Revenue Fund <br /> shall have a par value (or market value when less than par), exclusive of accrued interest at all <br /> times at least equal to the amount of money credited to such funds and shall be made in such a <br /> 18 <br />