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The words "Nonrefunded 1985 Bonds" means the outstanding <br /> Water and Sewer Revenue Bonds, 1985 of the City. <br /> Th,_ words "Nonrefunded 1988 Bonds" mean the outstanding 1988 <br /> Bonds maturing on or prior to July 1, 1998 . <br /> The words "Parity Bonds" mean the Nonrefunded 1985 Bonds, <br /> Nonrefunded 1988 Bonds, the 1992 Bonds and any water and sewer <br /> revenue bonds which the City may hereafter issue having a lien <br /> upon the Revenue of the System for the payment of the principal <br /> thereof and interest thereon equal to the lien upon the Revenue <br /> of the System of the Nonrefunded 1985 Bonds, Nonrefunded 1988 <br /> Bonds and the 1992 Bonds . <br /> The words "Permitted Investments" mean (1) bonds, notes and <br /> other evidences of direct indebtedness of the United States of <br /> America and securities unconditionally guaranteed as to the <br /> timely payment of principal and interest by the United States of <br /> America; (2) obligations of the Federaa National Mortgage <br /> Association, the Federal Home Loan Mortgage Corporation, the <br /> Government National Mortgage Association, Federal Intermediate <br /> Credit Banks, Federal Banks for Cooperatives, Federal Land Banks, <br /> Federal Home Loan Banks, or the Export-Import Bank of the United <br /> States; (3) direct obligations of, or obligations unconditionally <br /> guaranteed by, any state of the United States, or any <br /> subdivision, agency, instrumentality or authority thereof rated <br /> Aa or better by Moody' s Investors Service ("Moody' s") or AA or <br /> better by Standard & Poor' s Corporation ( "S&P") ; (4) commercial <br /> paper rated Prime-1 by Moody' s and A-1+ by S&P; (5) deposits with <br /> 9 Fww003.DOC 92109x21 <br />