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• <br /> of receipt for the benefit of the City and the holders and owners of the Refunded 1988 Bonds, as <br /> follows: <br /> (a) Such proceeds and reinvestment proceeds shall be reinvested only in direct <br /> noncallable obligations of the United States purchased at prevailing market prices and for which <br /> there is an established market or in United States Treasury Certificates, Notes and Bonds--State <br /> and Local Government Series. <br /> (b) Such proceeds and reinvestment proceeds shall be reinvested at a yield not <br /> in excess of zero percent(0%). <br /> (c) The obligations in which such proceeds are reinvested shall mature not <br /> later than the date the principal thereof and interest thereon are needed to make any required <br /> payment as described in Section 2 of this Agreement and as shown in the then applicable certified <br /> public accountant escrow verification. <br /> (d) If such proceeds, together with other moneys on hand in the 1993 Advance <br /> Refunding Fund, are insufficient to reinvest in the smallest denomination of such obligations or <br /> are required sooner than the shortest maturity of such obligations, or obligations meeting the <br /> requirements of (a), (b) or (c) are not available, such proceeds shall be converted to cash and <br /> retained in the trust in the 1993 Advance Refunding Fund until needed to make a required <br /> payment therefrom, or until sufficient moneys are accumulated to permit the reinvestment thereof. <br /> Section 7. Remission of Funds When Refunded 1988 Bonds Paid. At such time as the <br /> Refunding Trustee shall receive evidence satisfactory to it from the City that the Refunded 1988 <br /> Bonds have been paid in full, including both the principal thereof and interest thereon, the <br /> Refunding Trustee shall deliver forthwith or remit to the City any Acquired Obligations and <br /> moneys held pursuant to this Agreement in the 1993 Advance Refunding Fund. <br /> Section 8. Duties and Obligations of the Refunding Trustee. The duties and obligations of <br /> the Refunding Trustee shall be as prescribed by the provisions of this Agreement and the Bond <br /> Ordinance, and the Refunding Trustee shall only be responsible for the performance of its duties <br /> A-7 FwvooE.00c 93/10/29 <br />