Common use of Investments Authorized Clause in Contracts

Investments Authorized. Upon written order of the City Representative, moneys held by the Trustee hereunder shall be invested and reinvested by the Trustee, to the maximum extent practicable in Permitted Investments. The City Representative shall direct such investment in specific Permitted Investments. The City Representative shall be solely responsible for ascertaining that all proposed investments and reinvestments are Permitted Investments and that they comply with federal, state and local laws, regulations and ordinances governing investment of such funds and for providing appropriate notice to the Trustee for the reinvestment of any maturing investment. Such investments, if registrable, shall be registered in the name of the Trustee and shall be held by the Trustee. The Trustee may purchase or sell to itself or any affiliate, as principal or agent, investments authorized by this Section. Such investments and reinvestments shall be made giving full consideration to the time at which funds are required to be available. The Trustee may act as purchaser or agent in the making or disposing of any investment. The Trustee shall have no obligation to invest and reinvest any cash held by it hereunder in the absence of timely and specific written direction from the City Representative. In no event shall the Trustee be liable for the selection of investments. The Trustee may conclusively rely upon such written direction from the City Representative as to both the suitability and legality of the directed investments. The City acknowledges that regulations of the Comptroller of the Currency grant the City the right to receive brokerage confirmations of the security transactions as they occur, at no additional cost. To the extent permitted by law, the City specifically waives compliance with 12 Code of Federal Regulations 12 and hereby notifies the Trustee that no brokerage confirmations need be sent relating to the security transactions as they occur The Trustee may elect, but shall not be obligated, to credit the funds and accounts held by it with moneys representing income or principal payments due on, or sales proceeds due in respect of, Permitted Investments in such funds and accounts, or to credit to Permitted Investments intended to be purchased with such moneys, in each case before actually receiving the requisite moneys from the payment source, or to otherwise advance funds for account transactions. The City acknowledges that the legal obligation to pay the purchase price of any Permitted Investments arises immediately at the time of the purchase. Notwithstanding anything else in this Trust Agreement, (i) any such crediting of funds or assets shall be provisional in nature, and the Trustee shall be authorized to reverse any such transactions or advances of funds in the event that it does not receive good funds with respect thereto, and (ii) nothing in this Trust Agreement shall constitute a waiver of any of the Trustee’s rights as a securities intermediary under Uniform Commercial Code §9-206, to the extent applicable under State law.

Investments Authorized. Upon written order of the City Representative, moneys Moneys held by the Trustee hereunder shall be invested and reinvested upon written order of a State Representative by the Trustee, to the maximum extent practicable Trustee in Permitted Qualified Investments. The City Representative shall direct such investment in specific Permitted Investments. The City Representative shall be solely responsible for ascertaining that all proposed Such investments and reinvestments are Permitted Investments and that they comply with federal, state and local laws, regulations and ordinances governing investment of such funds and for providing appropriate notice to the Trustee for the reinvestment of any maturing investment. Such investments, if registrable, shall be registered in the name of the Trustee or any authorized nominee of the Trustee and shall be held by the Trustee. The Trustee may purchase or sell to itself or any affiliate, as principal or agent, investments authorized by this Section. Such investments and reinvestments shall be made giving full consideration to for the time at which funds are required to be available. The Trustee may act as purchaser or agent in the making or disposing of any investment. The Trustee Subject to the further provisions of this Trust Agreement, interest earned, profits realized and losses suffered by reason of any investment of the funds and accounts created by this Trust Agreement shall be credited or charged, as the case may be, to the fund or account for which such investment shall have no obligation to invest and reinvest any cash held by it hereunder in the absence of timely and specific written direction from the City Representative. In no event shall the Trustee be liable for the selection of investmentsbeen made. The Trustee may conclusively rely upon such written direction sell or redeem any obligations in which moneys shall have been invested as in this Section provided to the extent necessary to provide cash in the respective funds or accounts to make any payments required to be made therefrom or to facilitate the transfers of moneys between various accounts as may be required or permitted from time to time pursuant to the provisions of this Trust Agreement. The proceeds from the City Representative as to both sale of any investment shall be paid into the suitability and legality fund or account for which the sale thereof was made. In determining the value of the directed investments. The City acknowledges that regulations assets of the Comptroller of the Currency grant the City the right to receive brokerage confirmations of the security transactions as they occur, at no additional cost. To the extent permitted accounts created by law, the City specifically waives compliance with 12 Code of Federal Regulations 12 and hereby notifies the Trustee that no brokerage confirmations need be sent relating to the security transactions as they occur The Trustee may elect, but shall not be obligated, to credit the funds and accounts held by it with moneys representing income or principal payments due on, or sales proceeds due in respect of, Permitted Investments in such funds and accounts, or to credit to Permitted Investments intended to be purchased with such moneys, in each case before actually receiving the requisite moneys from the payment source, or to otherwise advance funds for account transactions. The City acknowledges that the legal obligation to pay the purchase price of any Permitted Investments arises immediately at the time of the purchase. Notwithstanding anything else in this Trust Agreement, investments and accrued interest thereon shall be deemed a part thereof. Investments shall be valued at amortized cost or current market value, whichever is the greater, or at the redemption price thereof, if then redeemable at the option of the holder (i) in any case net of the cost of liquidating such crediting investments). The Trustee shall not be liable for any depreciation in the value of any obligations in which moneys of the funds or assets shall be provisional in nature, and the Trustee shall be authorized to reverse any such transactions or advances of funds in the event that it does not receive good funds with respect thereto, and (ii) nothing in accounts created by this Trust Agreement shall constitute a waiver of be invested or for any of the Trustee’s rights as a securities intermediary under Uniform Commercial Code §9-206, loss arising from any investment permitted herein. The investments authorized by this Section shall at all times be subject to the extent applicable under State lawprovisions of Applicable Law, as amended from time to time.

Investments Authorized. Upon Moneys held by the Trustee hereunder, upon written order of the City RepresentativeBusiness Services Representative or the County Treasurer (who are hereby designated as the agents of the Lessee for these purposes) upon consultation with the Lessee, moneys held by the Trustee hereunder shall be invested and reinvested by the Trustee, to the maximum extent practicable Trustee in Permitted Investments. Investments shall not include corporate debt other than commercial paper rated in the highest category by the Rating Agencies. The City Business Services Representative or the County Treasurer upon consultation with the Lessee, shall by written order filed with the Trustee direct such investment in specific Permitted Investments. The City Representative shall be solely responsible for ascertaining that all proposed investments and reinvestments are Permitted Investments and that they comply with federal, state and local laws, regulations and ordinances governing investment of identified in such funds and for providing appropriate notice to the Trustee for the reinvestment of any maturing investmentwritten order. Such investments, if registrableregisterable, shall be registered in the name of the Trustee or its nominee for the benefit of the Certificateholder and shall be held by the Trustee. The Trustee may purchase or sell to itself held in the name of the Trustee as a bank’s trust department or any affiliate, separate safekeeping department in accordance with the Code and as principal approved by the Business Services Representative or agent, investments authorized by this Sectionthe County Treasurer. Such investments and reinvestments investment direction shall be made giving full consideration to for the time at which funds are required to be availableavailable based upon information provided by the Lessee. The Trustee and its affiliates may act as sponsor, advisor, purchaser or agent in the making or disposing of any investment. The Trustee shall have no obligation to invest and reinvest any cash held by it hereunder covenants that in the absence of timely and specific a written direction from order of the City Representative. In no event shall Business Services Representative or the County Treasurer or his designee directing investments hereunder, the Trustee be liable for shall hold such funds uninvested pending the selection receipt of investmentswritten investment instruction. The Trustee may conclusively rely upon such written direction from shall not be responsible for investments complying with yield restriction requirements, other than to follow the City Representative as to both the suitability and legality investment instructions of the directed investmentsBusiness Services Representative or the County Treasurer. The City acknowledges Lessor and the Lessee acknowledge that to the extent regulations of the Comptroller of the Currency or other applicable regulatory entity grant the City Lessor or the Lessee the right to receive brokerage confirmations of the security securities transactions as they occur, at no additional cost. To , the Lessor and the Lessee specifically waive receipt of such confirmations to the extent permitted by law, . The Trustee will furnish the City specifically waives compliance with 12 Code of Federal Regulations 12 and hereby notifies Lessee periodic cash transaction statements as provided herein which include detail for all investment transactions made by the Trustee that no brokerage confirmations need be sent relating to the security transactions as they occur The Trustee may elect, but shall not be obligated, to credit the funds and accounts held by it with moneys representing income or principal payments due on, or sales proceeds due in respect of, Permitted Investments in such funds and accounts, or to credit to Permitted Investments intended to be purchased with such moneys, in each case before actually receiving the requisite moneys from the payment source, or to otherwise advance funds for account transactions. The City acknowledges that the legal obligation to pay the purchase price of any Permitted Investments arises immediately at the time of the purchase. Notwithstanding anything else in this Trust Agreement, (i) any such crediting of funds or assets shall be provisional in nature, and the Trustee shall be authorized to reverse any such transactions or advances of funds in the event that it does not receive good funds with respect thereto, and (ii) nothing in this Trust Agreement shall constitute a waiver of any of the Trustee’s rights as a securities intermediary under Uniform Commercial Code §9-206, to the extent applicable under State lawhereunder.

Investments Authorized. Upon At the written order request of the City Representativefiled with the Trustee from time to time, the Trustee shall invest amounts held by it in any fund or account established hereunder in Permitted Investments which mature not later than the date such moneys are required or estimated by the City to be required to be expended hereunder. In the absence of any written request of the City directing the investment of uninvested moneys held by the Trustee hereunder hereunder, the Trustee shall invest such moneys in Permitted Investments consisting of money market funds;; provided, however, that any such investment shall be invested and reinvested made by the TrusteeTrustee only if, prior to the maximum extent practicable in Permitted Investments. The City Representative shall direct date on which such investment in specific Permitted Investments. The City Representative shall is to be solely responsible for ascertaining that all proposed investments and reinvestments are Permitted Investments and that they comply with federalmade, state and local laws, regulations and ordinances governing investment of such funds and for providing appropriate notice to the Trustee for shall have received a written direction from the reinvestment of any maturing investmentDistrict specifying a specific money market fund and, if no such written direction is so received, the Trustee shall hold such moneys uninvested. Such investments, if registrable, shall be registered in the name of the Trustee Trustee, as trustee or in the name of its nominee, and shall be held by the Trustee. The Trustee may purchase or sell to itself or any affiliate, as principal or agent, investments authorized by this SectionSection 6.02 and is entitled to its customary fee therefor. Such investments and reinvestments shall be made giving full consideration to the time at which funds are required to be available. The Trustee may act as purchaser or agent in the making or disposing of any investment. Whenever in this Trust Agreement any moneys are required to be transferred by the City to the Trustee, such transfer may be accomplished by transferring a like amount of Permitted Investments. For purposes of acquiring any investments hereunder, the Trustee may commingle funds held by it hereunder. The Trustee is not responsible or liable for any loss suffered in connection with any investment of funds made by it in accordance with this Section 6.02. The Trustee shall have no obligation to invest and reinvest any cash held by it hereunder in the absence of timely and specific written direction from furnish the City Representative. In no event shall periodic cash transaction statements which include detail for all investment transactions effected by the Trustee or brokers selected by the City. Upon the City’s election, such statements will be liable for delivered via the selection of investments. The Trustee may conclusively rely Trustee’s online service and upon electing such written direction from the City Representative as to both the suitability and legality of the directed investmentsservice, paper statements will be provided only upon request. The City acknowledges that regulations of the Comptroller of the Currency grant the City waives the right to receive brokerage confirmations of the security transactions effected by the Trustee as they occur, at no additional cost. To to the extent permitted by law, the City specifically waives compliance with 12 Code of Federal Regulations 12 and hereby notifies the Trustee that no brokerage confirmations need be sent relating to the security transactions as they occur The Trustee may elect, but shall not be obligated, to credit the funds and accounts held by it with moneys representing income or principal payments due on, or sales proceeds due in respect of, Permitted Investments in such funds and accounts, or to credit to Permitted Investments intended to be purchased with such moneys, in each case before actually receiving the requisite moneys from the payment source, or to otherwise advance funds for account transactions. The City acknowledges further understands that the legal obligation to pay the purchase price of any Permitted Investments arises immediately at the time of the purchase. Notwithstanding anything else in this Trust Agreement, (i) any such crediting of funds or assets shall be provisional in nature, and trade confirmations for securities transactions effected by the Trustee shall will be authorized to reverse any such transactions or advances of funds in available upon request and at no additional cost and other trade confirmations may be obtained from the event that it does not receive good funds with respect thereto, and (ii) nothing in this Trust Agreement shall constitute a waiver of any of the Trustee’s rights as a securities intermediary under Uniform Commercial Code §9-206, to the extent applicable under State lawbroker.

Investments Authorized. Upon the written order direction of the City RepresentativeDistrict filed with the Trustee from time to time, moneys held by the Trustee in any fund or account established hereunder shall be invested and reinvested by the Trustee, to the maximum extent practicable Trustee in Permitted InvestmentsInvestments which mature not later than the date such moneys are required or estimated by the District to be required to be expended hereunder. The City Representative In the absence of any written direction of the District directing the investment of uninvested moneys held by the Trustee hereunder, the Trustee shall direct invest such investment moneys in specific Permitted Investments. The City Representative shall be solely responsible for ascertaining that all proposed investments and reinvestments are Permitted Investments and that they comply with federaldescribed in clause (f) of the definition thereof, state and local laws, regulations and ordinances governing investment of which mature not later than the date such funds and for providing appropriate notice to moneys are required or estimated by the Trustee for the reinvestment of any maturing investmentto be required to be expended hereunder. Such investments, if registrable, shall be registered in the name of the Trustee Trustee, as trustee or in the name of its nominee, and shall be held by the Trustee. The Trustee may purchase or sell to itself or any affiliate, as principal or agent, investments authorized by this SectionSection 6.02 and shall be entitled to its customary fee therefor. Such investments and reinvestments shall be made giving full consideration to the time at which funds are required to be available. The Trustee may act as purchaser or agent in the making or disposing of any investment. The Trustee shall have no obligation to invest and reinvest any cash held by it hereunder in the absence of timely and specific written direction from the City Representative. In no event shall the Trustee be liable for the selection of investments. The Trustee may conclusively rely upon such written direction from the City Representative as to both the suitability and legality of the directed investments. The City acknowledges that regulations of the Comptroller of the Currency grant the City the right to receive brokerage confirmations of the security transactions as they occur, at no additional cost. To the extent permitted by law, the City specifically waives compliance with 12 Code of Federal Regulations 12 and hereby notifies the Trustee that no brokerage confirmations need be sent relating to the security transactions as they occur The Trustee may elect, but shall not be obligated, to credit the funds and accounts held by it with moneys representing income or principal payments due on, or sales proceeds due in respect of, Permitted Investments in such funds and accounts, or to credit to Permitted Investments intended to be purchased with such moneys, in each case before actually receiving the requisite moneys from the payment source, or to otherwise advance funds for account transactions. The City acknowledges that the legal obligation to pay the purchase price of any Permitted Investments arises immediately at the time of the purchase. Notwithstanding anything else in this Trust Agreement, (i) any such crediting of funds or assets shall be provisional in nature, and the Trustee shall be authorized to reverse any such transactions or advances of funds in the event that it does not receive good funds with respect thereto, and (ii) nothing Whenever in this Trust Agreement any moneys are required to be transferred by the District to the Trustee, such transfer may be accomplished by transferring a like amount of Permitted Investments. For purposes of acquiring any investments hereunder, the Trustee may commingle funds held by it hereunder. The Trustee has no responsibility or liability for any loss suffered in connection with any investment of funds made by it in accordance with this Section 6.02. The District shall constitute a waiver invest amounts held by it in any fund or account established hereunder or under the Installment Sale Agreement in any investments which are authorized for the investment of any District funds under the laws of the Trustee’s rights as a securities intermediary under Uniform Commercial Code §9-206, to the extent applicable under State lawof California.