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

Deposit and Investment of Moneys in Funds. Subject in all respects to the provisions of Section 6.02 hereof, moneys in any fund or account created or established by this Agreement and held by the Fiscal Agent shall be invested by the Fiscal Agent in Permitted Investments, as directed pursuant to an Officer’s Certificate filed with the Fiscal Agent at least two (2) Business Days in advance of the making of such investments. In the absence of any such Officer’s Certificate, the Fiscal Agent shall hold such moneys uninvested. The Fiscal Agent shall not have any responsibility for determining the legality of any Permitted Investments. The Fiscal Agent shall have no obligation to pay additional interest or maximize investment income on any funds held by it. Neither the City nor the Owner of the Bonds shall have any claim of any kind against the Fiscal Agent in connection with investments properly made pursuant to this Section 6.01. Obligations purchased as an investment of moneys in any fund or account shall be deemed to be part of such fund or account, subject, however, to the requirements of this Agreement for transfer of Investment Earnings in funds and accounts. The Fiscal Agent and its affiliates may act as sponsor, advisor, depository, principal or agent in the holding, acquisition or disposition of any investment. The Fiscal Agent shall not incur any liability for losses arising from any investments made pursuant to this Section 6.01. For purposes of determining the amount on deposit in any fund or account held hereunder, all Permitted Investments credited to such fund or account shall be valued at the cost thereof (excluding accrued interest and brokerage commissions, if any) semi-annually at least ten (10) Business Days prior to each Interest Payment Date. Subject in all respects to the provisions of Section 6.02 hereof, investments in any and all funds and accounts may be commingled in a single fund 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 hereunder, provided that the Fiscal Agent 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 shall furnish the City annual cash transaction statements which include detail for all investment transactions effected by the Fiscal Agent or brokers selected by the City. Upon the City’s election, monthly statements will be delivered via the Fiscal Agent’s online service and upon electing such service, paper statements will be provided only upon request except as noted. The City waives the right to receive brokerage confirmations of security transactions effected by the Fiscal Agent as they occur, to the extent permitted by law. The City further understands that trade confirmations for securities transactions effected by the Fiscal Agent will be available upon request and at no additional cost and other trade confirmations may be obtained from the applicable broker. The Fiscal Agent may make any investments hereunder through its own bond or investment department or trust investment department, or those of its parent or any affiliate.

Deposit and Investment of Moneys in Funds. Subject in all respects to the provisions of Section 6.02 hereof6.02, moneys in any fund or account created or established by this Agreement and held by the Fiscal Agent Agent, shall be invested by the Fiscal Agent in Permitted Investments, as directed pursuant to an Officer’s Certificate filed with the Fiscal Agent at least two (2) Business Days in advance of the making of such investments. In the absence of any such Officer’s Certificate, the Fiscal Agent shall invest any such moneys in Permitted Investments described in clause (vii) of the definition, shall hold such moneys uninvesteduninvested and notify the Finance Director that it is doing so until further direction is received from the Finance Director. The Fiscal Agent shall not have Subject in all respects to the provisions of Section 6.02, moneys in any responsibility for determining the legality of any Permitted Investments. The Fiscal Agent shall have no obligation to pay additional interest fund or maximize investment income on any funds account created or established by this Agreement and held by it. Neither the Finance Director shall be invested by the Finance Director in any lawful investments that the City nor may make, which by their terms mature prior to the Owner of the Bonds shall have any claim of any kind against the Fiscal Agent in connection with investments properly made pursuant date on which such moneys are required to this Section 6.01be paid out hereunder. Obligations purchased as an investment of moneys in any fund or account shall be deemed to be part of such fund or account, subject, however, to the requirements of this Agreement for transfer of Investment Earnings interest earnings and profits resulting from investment of amounts in funds and accounts. The Fiscal Agent and its affiliates may act as sponsor, advisor, depository, principal or agent in the holding, acquisition or disposition of any investment. The Fiscal Agent shall not incur any liability for losses arising from any investments made pursuant to this Section. Any losses arising from any investments made pursuant to this Section 6.01shall be offset against interest earnings and profits retained in the same fund. For purposes Except as otherwise provided in the next sentence, all investments of determining the amount on deposit amounts deposited in any fund or account held hereundercreated by or pursuant to this Agreement, all Permitted 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. Investments credited in funds or accounts (or portions thereof) that are subject to such fund or account a yield restriction under applicable provisions of the Code and (unless valuation is undertaken at least annually) investments in the Reserve Fund shall be valued by the City at their present value (within the cost thereof (excluding accrued interest and brokerage commissions, if any) semi-annually at least ten (10) Business Days prior to each Interest Payment Date. Subject in all respects to the provisions meaning of Section 6.02 hereof148 of the Code). For purposes of any Fair Market Value determination hereunder, investments the Fiscal Agent shall be entitled to conclusively rely on an Officer’s Certificate of the City and shall be fully protected in relying thereon. Investments in any and all funds and accounts may be commingled in a single 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 Finance Director hereunder, provided that the Fiscal Agent or the Finance Director, 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 Finance Director, as applicable, shall sell 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 Finance Director shall be liable or responsible for any loss resulting from the acquisition or disposition of such investment security in accordance herewith. The City acknowledges that to the extent regulations of the Comptroller of the Currency or other applicable regulatory entity grant the City the right to receive brokerage confirmations of security transactions as they occur, the City specifically waives receipt of such confirmations to the extent permitted by law. The Fiscal Agent will furnish the City annual periodic cash transaction statements which include detail for all investment transactions effected made by the Fiscal Agent or brokers selected by the City. Upon the City’s election, monthly statements will be delivered via the Fiscal Agent’s online service and upon electing such service, paper statements will be provided only upon request except as noted. The City waives the right to receive brokerage confirmations of security transactions effected by the Fiscal Agent as they occur, to the extent permitted by law. The City further understands that trade confirmations for securities transactions effected by the Fiscal Agent will be available upon request and at no additional cost and other trade confirmations may be obtained from the applicable broker. The Fiscal Agent may make any investments hereunder through its own bond or investment department or trust investment department, or those of its parent or any affiliatehereunder.

Deposit and Investment of Moneys in Funds. Subject in all respects to the provisions of Section 6.02 hereof, moneys Moneys in any fund or account created or established by this Agreement and held by the Fiscal Agent shall be invested by the Fiscal Agent in Permitted Investments, as directed pursuant to an Officer’s Certificate filed with the Fiscal Agent at least two (2) Business Days in advance of the making of such investments. In the absence of any such Officer’s Certificate, the Fiscal Agent shall invest, to the extent reasonably practicable, any such moneys in Permitted Investments described in clause (h) of the definition thereof in Section 1.03; 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 Fiscal Agent Treasurer shall not have any responsibility for determining the legality make note of any Permitted Investmentsinvestment 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. The Fiscal Agent shall have no obligation to pay additional interest Moneys in any fund or maximize investment income on any funds account created or established by this Agreement and held by it. Neither the City nor Treasurer shall be invested by the Owner of Treasurer in any Permitted Investment, which in any event by its terms matures prior to the Bonds shall have any claim of any kind against the Fiscal Agent in connection with investments properly made pursuant date on which such moneys are required to this Section 6.01be paid out hereunder. Obligations purchased as an investment of moneys in any fund or account shall be deemed to be part of such fund or account, subject, however, to the requirements of this Agreement for transfer of Investment Earnings interest earnings and profits resulting from investment of amounts in funds and accounts. Whenever in this Agreement any moneys are required to be transferred by the County to the Fiscal Agent, such transfer may be accomplished by transferring a like amount of Permitted Investments. The Fiscal Agent and its affiliates or the Treasurer may act as sponsor, advisor, depository, principal or agent in the holding, acquisition or disposition of any investment. The Neither the Fiscal Agent nor the Treasurer shall not incur any liability for losses arising from any investments made pursuant to this Section 6.01Section. For purposes The Fiscal Agent shall not be required to determine the legality of determining any investments. Except as otherwise provided in the amount on deposit next sentence, all investments of amounts deposited in any fund or account held hereundercreated by or pursuant to this Agreement, all Permitted 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 credited in funds or accounts (or portions thereof) that are subject to such fund or account 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 cost thereof (excluding accrued interest and brokerage commissions, if any) semi-annually at least ten (10) Business Days prior to each Interest Payment Datemeaning of section 148 of the Code). Subject in all respects to The Fiscal Agent shall not be liable for verification of the provisions application of Section 6.02 hereof, investments such sections of the Code. Investments in any and all funds and accounts may be commingled in a single 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 County the right to receive brokerage confirmations of security transactions as they occur, the County specifically waives receipt of such confirmations to the extent permitted by law. The Fiscal Agent will furnish the City annual County periodic cash transaction statements which include detail for all investment transactions effected made by the Fiscal Agent or brokers selected by the City. Upon the City’s election, monthly statements will be delivered via the Fiscal Agent’s online service and upon electing such service, paper statements will be provided only upon request except as noted. The City waives the right to receive brokerage confirmations of security transactions effected by the Fiscal Agent as they occur, to the extent permitted by law. The City further understands that trade confirmations for securities transactions effected by the Fiscal Agent will be available upon request and at no additional cost and other trade confirmations may be obtained from the applicable broker. The Fiscal Agent may make any investments hereunder through its own bond or investment department or trust investment department, or those of its parent or any affiliatehereunder.