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for Cooperatives, Federal Land Banks, Federal Home Loan Banks, or the Export-Import Bank of <br /> the United States; (3) direct obligations of, or obligations unconditionally guaranteed by, any state <br /> of the United States, or any subdivision, agency, instrumentality or authority thereof rated Aa or <br /> better by Moody's Investors Service ("Moody's") or AA or better by Standard & Poor's <br /> Corporation ("S&P"); (4) commercial paper rated Prime-1 by Moody's and A-1+ by S&P; <br /> (5) deposits with any federally or state-chartered savings and loan association, the deposits of <br /> which are insured by the FSLIC, and which are "qualified public depositories," as that term is <br /> defined in Chapter 39.58 RCW, or its successor statute; (6) deposits with any federally or <br /> state-chartered bank, the deposits of which are insured by the FDIC, and which are "qualified <br /> public depositaries," as that term is defined in Chapter 39.58 RCW, or its successor statute; <br /> (7) investments in a money market or other fund, the investments of which fund are exclusively in <br /> obligations or securities described in subsections (1), (2) or (3) above; (8) repurchase agreements <br /> with a registered broker/dealer subject to the Securities Investors' Protection Corporation <br /> Liquidation in the event of insolvency, or any commercial bank(a)whose unsecured indebtedness <br /> is rated A-2 or better by Moody's or A or better by S&P, or (b)which is the lead bank of a parent <br /> bank holding company whose unsecured indebtedness is rated A-2 or better by Moody's or A or <br /> better by S&P, or (c) having a combined capital, surplus and undivided profits of not less than <br /> $100 million, provided, that the obligation of such bank to repurchase is within the time limitation <br /> established for investments as set forth in subsection C below, and which repurchase agreement <br /> shall provide that: <br /> A. the repurchase obligation of the bank is collateralized by the securities <br /> themselves which shall be held by the City or an agent acting on behalf of the City (unless <br /> such agent is obligated under the repurchase agreement) or a third party which is a Federal <br /> Reserve Bank or a commercial bank with capital surplus and undivided profits of not less <br /> than $50 million; <br /> -7- Fww04E.DOc 83/1 C1/28 <br />