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2A4 <br />81- c~~~60~~~ <br />may; in its discretion, sell and reduce to cash funds any <br />such investments, provided, however, that upon written <br />advice from the Project Manager, and without further <br />autha__~ation, the Trustee is directed to sell and reduce to <br />cash funds a sufficient amount of such investments whenever <br />the cash balance in the Construction Fund is insufficient to <br />pay a requisition when presented. <br />Section 603. Investment of Mone s in Bond Fund and <br />Reserve Account. Moneys pai into a Bond Fund (and the <br />Reserve Account therein) under the prowisions of this <br />Indenture shall be invested and reinvested by the Trustee at <br />the written direction of the Company, and if no direction is <br />received from the Company, as determined by the Trustee, <br />(provided, however, that no major portion of the aroceeds <br />derived from the sale of the Bonds shall be used, directly <br />or indirectly, in such manner as to cause any Bond to be an <br />"arbitrage bond" within the meaning of Section 103(c)(2) of <br />the Code) in direct obligations of or obligations guaranteed <br />by the United States of America; obligations issued by any <br />of the following Federal agencies: Federal National <br />Mortgage Association which are guaranteed by the Government <br />National Mortgage Association, Bank for Cooperatives, <br />Federal Intermediate Credit Banks, Federal Home Loan Bank <br />System, Federal Land Banks, or Federal Farm Credit Banks; <br />direct and general obligations of any state of the United <br />States, or any political subdivision thereof, provided that <br />all the taxable real property within such political <br />subdivision shall be subject to taxation thereby to pay such <br />obligations and the interest thereon; repurchase agreements <br />with banks (which may include the Trustee) which are member <br />of the Federal Deposit Insurance Corporation, the underlying <br />securities of which are obligations described above in this <br />Section 603; or, time deposits or negotiable or non-nego- <br />tiable certificates of deposit issued by any bank, trust <br />company or national banking association which is a member of <br />the Federal Deposit Insurance Corporation, having combined <br />capital stock, surplus and retained earnings aggregating at <br />least an amount equal to the value of the combined capital <br />stock surplus and retained earnings of The overland National <br />Bank of Grand Island, Grand Island, Nebraska, as of tlhe date <br />of such investment, and which obligations have maturity <br />dates, or are subject to redemption by the holder, at the <br />option of the holder, on er prior to the dates the funds <br />invested therei.a will be needed for the purposes of $uch <br />funds or account. <br />Avidences of investment under this Section 603 shall be <br />held Dy or under the control of the Trustee for the credit <br />of the Bond Fund, and the interest accruing thereon and any <br />profit realized therefrom shall be credited to such fund and <br />any loss resulting from liquidating any such investments <br />shall be charged to such fund; provided, the income from <br />investment of the Reserve Account shall be credited to the <br />Band Fund. The Trustee shall sell and reduce to cash funds <br />a sufficient portion of investments under the provisions of <br />48 <br /> <br /> <br /> <br />