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<br /> 76_ O 'l � (, �y � AItTICLE VI .
<br /> V 7 /
<br /> Invest�r.ent O [ Cunds
<br /> ' Section GO1 . All moneys deposited �aitti the TrusCee under the provisions of
<br /> this Ptortgsge or the Leuse shall be hcld in trust and applied only in accordance with
<br /> � the provisions of L' his Piortg.�ge and the Lease shall not be subject to any lien or :
<br /> uttachment by any credi[or of Che Lessor or of tl�e Company .
<br /> 4 : �
<br /> Section 602 . Ptoneys held £or the credit oP the Construction Fund under the
<br /> ',i provisions of this Mortgage shall Ue invested and reinvested by the Trustee at the written
<br /> ; direction of the Lessee (provided , however , that no mujor porCion ot the proceeds
<br /> derived from the sale of the 13onds shall be used , directly or indirectly , in such manuer
<br /> as to cause any llond to be an "arbiCrage bond " within the meaning oE Section 103 (d ) ( 2 )
<br /> of Che Internal Revenue Code of 1954 , as amended ) in direct oUligations of or obligations
<br /> :a guaranteed by the United States of America ; oUligations issued by m�y of the following
<br /> r Federal agencies : Pederal Naeional :Iortgage Association which arc guaranteed by the
<br /> Government National Mortgage Association , Bank for Cooperarives , Federal Intermediate
<br /> Credit Banks , Federal llome Loan Sank System or Federal Land llanks ; direct and general
<br /> ,:' obligations of any state of the Uni [ed States , or any political subdivision thcreof
<br /> ' , provided that all the taxable real property Hitliin such political suUdivision shall be
<br /> % sub� ect to taxation thereby to pay such obligations and the interest thereon , or time
<br /> deposits or negotia6le or non-negotiaUle cerL- ificates of deposit issued by any bank ,
<br /> `'i trust company or national banking association which is a member of the Federal Ueposit
<br /> ,;i Insurance Corporation , having coruUined capital stock , surplus and retained earnings
<br /> nggregating at least $ 1 , 000 , 000 which have maturity dates , or are subject to redemption :
<br /> -; by the holder , at the option of the holder , on or prior to the dates the funds inve�; ted
<br /> therein will be needed for the purposes of such funds or account . Obligations so purchased
<br /> as an investment of moneys shall be held by or under the control of the Trustee and shall
<br /> be deemed at all times a part of the Construction Fund , and the interest accruing thereon
<br /> and any profit realized from such investments shall Ue crediL•ed to such fund , and any
<br /> loss resulting from such investment shall Ue charged to such fund . 'i11e Trustee shall
<br /> sell and reduce to cash funds any such investments , upon written advice from the
<br /> Pro� ect Pianager , and �aithout iurti�er authorization , the Trustee is directed to sell and '
<br /> - reduce to cash funds a sufficient amaunt of such invescments whenever the cash balance
<br /> ,:;
<br /> in [he Construction Pund is insufficient to pay a requisition cahen presented .
<br /> 1` Section 603 . rloneys paid into the Bond Fund (and the Reserve Account therein)
<br /> F under the provisions of this rlortguge shnll be invested and reinvested by the Trustee
<br /> x at the written direction of the Lessee ( provided , hoioever , that no major portion of the
<br /> proceeds derived Lrom the sale of the Ilonds shall Ue used , directly or indirectly , in
<br /> f ` such manner as to cause any 1{ond to be an "arbitrage bond ° within the meaning of Sectioii
<br /> 103 (d ) (2 ) of the Internal Revenue Code of 1954 , as amended ) in direct o6ligaCians oY or
<br /> obligations guaranteed by the United Sta [es of America ; oUligations issued by anp of the
<br /> � 4: following Federal agencies : Federal National ;fortgage Association which are guaranteed
<br /> ' by the Government National Mortgage Association , fiank ior Cooperatives , Federal Inter-
<br /> � ` mediate CrediC Banks , Federal Home Loan llank System or Federal Land Banlcs ; direct and
<br /> general obligaL- ions oE any state oi the United States , or any policical suUdivision .
<br /> �` thereof , provided that all [he [ axable real property within such poliCical subdivisiun
<br /> � ;� shall be subjecC to taxation thereby to pay such obligations and the interes � thereun ,
<br /> or time deposits or negotiable or nonnegotiable certificates of deposit issued by any
<br /> ,: _ bank , crust company or national banking associution which is a memUer of t}te Federal Dep-
<br /> � - osit Insurance Corporation , having combined capital stock , surplus and retained earnings
<br /> aggregating at least $ 1 , 000 , 00 , which have maturity dates , or are subject to redemption
<br /> `"' by the holder , at the option of Clie liolder , on or prior to the dates the Lutids invested
<br /> thcrein will be needed for [he purposes of such funds or account .
<br /> � :
<br /> Evidences of investment under this Section G03 shall be he].d hy or under the
<br /> control of the Trustee for the credit of the Bond Fund , and tlie interest accruing
<br /> [hereon and any profit realized therefrom shall Ue credited to such fund and any loss
<br /> resulting from liquidating any such investments shall Ue charged ta such Lund ; provided ,
<br /> the income from inves [ment of the Reserve e\ccount shall be credited to a special account
<br /> for the benefit and securi [y of the Series •A Bands . The Truscee shall sell and
<br /> reduce to casli funds a sufPicient portion of investments under the provisions of this
<br /> Section G03 whenever the cash balance in the llond Fund is insutticient to pay the current
<br /> interest and princi,:al requirements . .,;� I . t � ,
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