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Bank or a commercial bank with capital surplus and undivided profits of not less than <br /> $50 million; <br /> B. a perfected security interest in favor of the City in the securities has been <br /> created under the Uniform Commercial Code or pursuant to the book entry procedures described <br /> in 31 C.F.R. 306.1 et seq. or 31 C.F.R. 350.0 et seq.; and <br /> C. the securities on the date of execution of the repurchase agreement have a <br /> value of at least 100% of the amount of the repurchase obligation, including both principal and <br /> interest; provided, (a)the repurchase agreement has a term to maturity of thirty days or less, or <br /> (b)throughout the term of the repurchase agreement the securities have a fair market value equal <br /> to at least 100% of the amount of the repurchase obligation; and (9) an investment agreement <br /> approved by the Bond Insurer with (i) an insurance company whose unsecured obligations are <br /> rated Aaa by Moody's and AAA by S&P, respectively, or (ii)which is the lead bank of a bank <br /> holding company whose unsecured obligations are rated Aa-2 or better by Moody's and AA or <br /> better by S&P, provided that (x) such agreement shall provide that it is not subordinated to any <br /> other obligations of such insurance company or banking institution, and (y)the City shall receive <br /> an Opinion of Counsel that such agreement is an enforceable obligation of such insurance <br /> company or banking institution. <br /> "Previously Refunded Bonds" means the outstanding indebtedness of the City under the <br /> Sultan River Project Agreement as described on page 1 of Ordinance No. 536-78, and water and <br /> sewer revenue bonds of the City issued under dates of December 1, 1965 and May 1, 1969, full <br /> provision for the payment of which has heretofore been made. <br /> "Qualified Insurer" means an insurance company licensed to conduct business in any <br /> state of the United States or a service corporation acting on behalf of one or more such insurance <br /> companies, which insurance company or service corporation is rated either Aaa by Moody's <br /> Investors Service, Inc., or AAA by Standard & Poor's Corporation. <br /> -8- DOTOQ5 DOC 98/04/28 <br />