Laserfiche WebLink
ARTICLE VII <br /> INVESTMENTS <br /> Section 701. Investment of Moneys. (a) Moneys held for the credit of the Construction <br /> Fund shall,upon written direction by a Company Representative,be invested and reinvested by the <br /> Trustee in (i) Government Securities, (ii) interest bearing deposit accounts (which may be <br /> represented by certificates of deposit)in national or state banks(which may include the Trustee and <br /> any Paying Agent)having a combined capital and surplus of not less than$10,000,000;(iii)bankers' <br /> acceptances drawn on and accepted by commercial banks(which may include the Trustee and any <br /> Paying Agent) having a combined capital and surplus of not less than $10,000,000; (iv) direct <br /> obligations of,or obligations the principal of and interest on which are unconditionally guaranteed <br /> by, any State of the United States of America, the District of Columbia or the Commonwealth of <br /> Puerto Rico, or any political subdivision of any of the foregoing,which are rated in any of the two <br /> highest rating categories by a nationally recognized rating agency; (v)obligations of any agency or <br /> instrumentality of the United States of America; (vi)commercial or finance company paper which <br /> is rated in any of the two highest rating categories by a nationally recognized rating agency; (vii) <br /> corporate debt securities rated in any of the two highest rating categories by a nationally recognized <br /> rating agency;(viii)repurchase agreements with banking or financial institutions having a combined <br /> capital and surplus of not less than $10,000,000 (which may include the Trustee and any Paying <br /> Agent) with respect to any of the foregoing obligations or securities; (ix) shares in an investment <br /> • company registered under the Federal Investment Company Act of 1940 whose shares are registered <br /> under the Federal Securities Act of 1933,or shares of a common trust fund established by a national <br /> banking association or a bank or trust company organized under the laws of any state (which may <br /> include the Trustee and any Paying Agent) with combined capital and surplus of at least <br /> $10,000,000,under the supervision and regulation of the Comptroller of the Currency pursuant to <br /> 12 C.F.R. 9, or any successor regulation, and whose only investments are qualified investments <br /> described hereinabove;(x)money market funds or pooled or mutual investment funds whose assets <br /> consist primarily of investments which are qualified investments described in clause(iv)hereinabove <br /> or which are rated in one of the highest rating categories by a nationally recognized rating agency <br /> (including any such fund managed by the Trustee),and whose average maturity of such investment <br /> is less than twelve(12)months;and(xi)investment agreements or guaranteed investment contracts <br /> with any financial institution rated in one of the highest rating categories by a nationally recognized <br /> rating agency. Such investment shall have maturity dates, or shall be subject to redemption by the <br /> holder at the option of the holder,on or prior to the dates the moneys invested therein will be needed <br /> as reflected by a statement of the Company Representative which statement must be on file with the <br /> Trustee prior to any investment. <br /> (b) Moneys held for the credit of the Bond Fund or any other fund or account shall,upon <br /> written direction by a Company Representative,be invested and reinvested in Government Securities <br /> (or in any fund or other pooling arrangement which exclusively purchases and holds Government <br /> Securities and which is rated in any of the two highest rating categories by a nationally recognized <br /> rating agency)which will mature,or which will be subject to redemption by the holder thereof at the <br /> 20 <br />