Common use of Deposit and Investment of Moneys in Funds Clause in Contracts

Deposit and Investment of Moneys in Funds. Moneys in the Special Fund, Interest Account, the Principal Account, the Sinking Account, the Reserve Account, the Rebate Fund, the Redemption Account and the Costs of Issuance Fund shall be invested by the Treasurer or the Trustee in Permitted Investments as specified in the Written Request of the Agency filed with the Trustee at least two (2) Business Days in advance of the making of such investments. In the absence of any such Written Request of the Agency, the Trustee shall invest any such moneys in obligations described in clause (8) of the definition of Permitted Investments set forth in Section 1.02. Obligations purchased as an investment of moneys in any fund shall be deemed to be part of such fund or account. Any or all interest or gain derived from the investment of amounts in any of the funds or accounts established hereunder shall be deposited by the Trustee in the respective fund or account and any loss incurred in connection with such investments shall be debited against the fund or account from which the investment was made. For purposes of acquiring any investments hereunder, the Trustee may commingle funds held by it hereunder. The Trustee may act as principal or agent in the acquisition of any investment. The Trustee shall incur no liability for losses arising from any investments made pursuant to this Section. The Agency acknowledges that to the extent regulations of the Comptroller of the Currency or other applicable regulatory entity grant the Agency the right to receive brokerage confirmations of security transactions as they occur, the Agency specifically waives receipt of such confirmations to the extent permitted by law. The Trustee will furnish the Agency periodic cash transaction statements which include detail for all investment transactions made by the Trustee hereunder. The Agency hereby covenants and agrees to invest all amounts in the Redevelopment Fund in Permitted Investments.

Deposit and Investment of Moneys in Funds. Moneys in any fund or account created or established by this Agreement and held by the Special Fund, Interest Account, the Principal Account, the Sinking Account, the Reserve Account, the Rebate Fund, the Redemption Account and the Costs of Issuance Fund Fiscal Agent shall be invested by the Treasurer or the Trustee Fiscal Agent in Permitted Investments Investments, as specified in the Written Request of the Agency directed pursuant to an Officer’s Certificate filed with the Trustee Fiscal Agent at least two (2) Business Days in advance of the making of such investments. In the absence of any such Written Request of the AgencyOfficer’s Certificate, the Trustee Fiscal Agent shall invest invest, to the extent reasonably practicable, any such moneys in obligations Permitted Investments described in clause (8) h) of the definition of Permitted Investments set forth thereof in Section 1.021.03; provided, however, that any such investment shall be made by the Fiscal Agent only if, prior to the date on which such investment is to be made, the Fiscal Agent shall have received an Officer’s Certificate specifying a specific money market fund into which the funds shall be invested and, if no such Officer’s Certificate is so received, the Fiscal Agent shall hold such moneys uninvested. The Treasurer shall make note of any investment of funds hereunder in excess of the yield on the Bonds, so that appropriate actions can be taken to assure compliance with Section 5.13. Moneys in any fund or account created or established by this Agreement and held by the Treasurer shall be invested by the Treasurer in any Permitted Investment, which in any event by its terms matures prior to the date on which such moneys are required to be paid out hereunder. Obligations purchased as an investment of moneys in any fund shall be deemed to be part of such fund or account. Any or all , subject, however, to the requirements of this Agreement for transfer of interest or gain derived earnings and profits resulting from the investment of amounts in funds and accounts. Whenever in this Agreement any of the funds or accounts established hereunder shall moneys are required to be deposited transferred by the Trustee in County to the respective fund or account and any loss incurred in connection with Fiscal Agent, such investments shall transfer may be debited against the fund or account from which the investment was made. For purposes accomplished by transferring a like amount of acquiring any investments hereunder, the Trustee may commingle funds held by it hereunderPermitted Investments. The Trustee Fiscal Agent and its affiliates or the Treasurer may act as sponsor, advisor, depository, principal or agent in the acquisition or disposition of any investment. The Trustee Neither the Fiscal Agent nor the Treasurer shall incur no any liability for losses arising from any investments made pursuant to this Section. The Agency Fiscal Agent shall not be required to determine the legality of any investments. Except as otherwise provided in the next sentence, all investments of amounts deposited in any fund or account created by or pursuant to this Agreement, or otherwise containing gross proceeds of the Bonds (within the meaning of section 148 of the Code) shall be acquired, disposed of, and valued (as of the date that valuation is required by this Agreement or the Code) at Fair Market Value. The Fiscal Agent shall have no duty in connection with the determination of Fair Market Value other than to follow the investment direction of an Authorized Officer in any written direction of any Authorized Officer. Investments in funds or accounts (or portions thereof) that are subject to a yield restriction under the applicable provisions of the Code and (unless valuation is undertaken at least annually) investments in the Reserve Fund shall be valued at their present value (within the meaning of section 148 of the Code). The Fiscal Agent shall not be liable for verification of the application of such sections of the Code. Investments in any and all funds and accounts may be commingled in a separate fund or funds for purposes of making, holding and disposing of investments, notwithstanding provisions herein for transfer to or holding in or to the credit of particular funds or accounts of amounts received or held by the Fiscal Agent or the Treasurer hereunder, provided that the Fiscal Agent or the Treasurer, as applicable, shall at all times account for such investments strictly in accordance with the funds and accounts to which they are credited and otherwise as provided in this Agreement. The Fiscal Agent or the Treasurer, as applicable, shall sell at Fair Market Value, or present for redemption, any investment security whenever it shall be necessary to provide moneys to meet any required payment, transfer, withdrawal or disbursement from the fund or account to which such investment security is credited and neither the Fiscal Agent nor the Treasurer shall be liable or responsible for any loss resulting from the acquisition or disposition of such investment security in accordance herewith. The County acknowledges that to the extent regulations of the Comptroller of the Currency or other applicable regulatory entity grant the Agency County the right to receive brokerage confirmations of security transactions as they occur, the Agency County specifically waives receipt of such confirmations to the extent permitted by law. The Trustee Fiscal Agent will furnish the Agency County periodic cash transaction statements which include detail for all investment transactions made by the Trustee Fiscal Agent hereunder. The Agency hereby covenants and agrees to invest all amounts in the Redevelopment Fund in Permitted Investments.

Deposit and Investment of Moneys in Funds. Moneys in the Special Debt Service Fund, the Interest Account, the Principal Account, the Sinking Account, the Reserve Account, the Rebate Fund, the Redemption Account and the Costs of Issuance Fund Account shall be invested by the Treasurer or the Trustee in Permitted Investments as specified directed by the Successor Agency in the Written Request of the Successor Agency filed with the Trustee at least two (2) Business Days in advance of the making of such investments. In the absence of any such Written Request of the Successor Agency, the Trustee shall invest any hold such moneys in obligations described in clause (8) funds uninvested. The Trustee shall be entitled to rely conclusively upon the written instructions of the definition of Successor Agency directing investments in Permitted Investments set forth as to the fact that each such investment is permitted by the laws of the State, and shall not be required to make further investigation with respect thereto. Moneys in Section 1.02the Redevelopment Obligation Retirement Fund may be invested by the Successor Agency in any obligations in which the Successor Agency is legally authorized to invest its funds. Obligations purchased as an investment of moneys in any fund shall be deemed to be part of such fund or account. Any or all All interest or gain derived from the investment of amounts in any of the funds or accounts established held by the Trustee hereunder shall be deposited by the Trustee in the respective fund or account and any loss incurred in connection with such investments shall be debited against the fund or account from which the investment was made. For purposes of acquiring any investments hereunder, the Trustee may commingle funds held by it hereunderInterest Account. The Trustee may act as principal or agent in the acquisition or disposition of any investmentinvestment and may impose its customary charges therefor. The Trustee shall incur no liability for losses arising from any investments made at the direction of the Successor Agency or otherwise made pursuant to this Section. The Successor Agency acknowledges that to the extent regulations of the Comptroller of the Currency or other applicable regulatory entity grant the Successor Agency the right to receive brokerage confirmations of security transactions as they occur, the Successor Agency specifically waives receipt of such confirmations to the extent permitted by law. The Trustee will furnish the Successor Agency periodic cash transaction statements which shall include detail for all investment transactions made by the Trustee hereunder. All moneys held by the Trustee shall be held in trust, but need not be segregated from other funds unless specifically required by this Indenture. Except as specifically provided in this Indenture, the Trustee shall not be liable to pay interest on any moneys received by it, but shall be liable only to account to the Successor Agency for earnings derived from funds that have been invested. The Successor Agency hereby covenants that all investments of amounts deposited in any fund or account created by or pursuant to this Indenture, or otherwise containing gross proceeds of the Bonds (within the meaning of section 148 of the Code) shall be acquired, disposed of, and agrees valued (as of the date that valuation is required by this Indenture or the Code) at Fair Market Value. The Trustee has no duty in connection with the determination of Fair Market Value other than to invest all amounts follow the investment directions of the Successor Agency in any Written Certificate or Written Request of the Redevelopment Fund in Permitted InvestmentsSuccessor Agency.

Deposit and Investment of Moneys in Funds. Moneys in the Special Debt Service Fund, the Interest Account, the Principal Account, the Sinking Account, the Reserve Account, the Rebate Fund, the Redemption Account and the Costs of Issuance Fund Account shall be invested by the Treasurer or the Trustee in Permitted Investments as specified directed by the Successor Agency in the Written Request of the Successor Agency filed with the Trustee at least two (2) Business Days in advance of the making of such investments. In the absence of any such Written Request of the Successor Agency, the Trustee shall invest any such moneys in obligations Permitted Investments described in clause (8) d) of the definition thereof, which by their terms mature prior to the date on which such moneys are required to be paid out hereunder. The Trustee shall be entitled to rely conclusively upon the written instructions of the Successor Agency directing investments in Permitted Investments set forth as to the fact that each such investment is permitted by the laws of the State, and shall not be required to make further investigation with respect thereto. Moneys in Section 1.02the Redevelopment Obligation Retirement Fund may be invested by the Successor Agency in any obligations in which the Successor Agency is legally authorized to invest its funds. Obligations purchased as an investment of moneys in any fund shall be deemed to be part of such fund or account. Any or all All interest or gain derived from the investment of amounts in any of the funds or accounts established held by the Trustee hereunder shall be deposited by the Trustee in the respective fund or account and any loss incurred in connection with such investments shall be debited against the fund or account from which the investment was made. For purposes of acquiring any investments hereunder, the Trustee may commingle funds held by it hereunderInterest Account. The Trustee may act as principal or agent in the acquisition or disposition of any investmentinvestment and may impose its customary charges therefor. The Trustee shall incur no liability for losses arising from any investments made at the direction of the Successor Agency or otherwise made pursuant to this Section. The Successor Agency acknowledges that to the extent regulations of the Comptroller of the Currency or other applicable regulatory entity grant the Successor Agency the right to receive brokerage confirmations of security transactions as they occur, the Successor Agency specifically waives receipt of such confirmations to the extent permitted by law. The Trustee will furnish the Successor Agency periodic cash transaction statements which shall include detail for all investment transactions made by the Trustee hereunder. All moneys held by the Trustee shall be held in trust, but need not be segregated from other funds unless specifically required by this Indenture. Except as specifically provided in this Indenture, the Trustee shall not be liable to pay interest on any moneys received by it, but shall be liable only to account to the Successor Agency for earnings derived from funds that have been invested. The Successor Agency hereby covenants that all investments of amounts deposited in any fund or account created by or pursuant to this Indenture, or otherwise containing gross proceeds of the Bonds (within the meaning of section 148 of the Code) shall be acquired, disposed of, and agrees valued (as of the date that valuation is required by this Indenture or the Code) at Fair Market Value. The Trustee has no duty in connection with the determination of Fair Market Value other than to invest all amounts follow the investment directions of the Successor Agency in any Written Certificate or Written Request of the Redevelopment Fund in Permitted InvestmentsSuccessor Agency.