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Section 6. Reinvestment of Proceeds of Acquired <br /> Obligations . The proceeds (principal and interest) and <br /> reinvestment proceeds of any SLGS which are not needed within <br /> five (5) business days of the receipt thereof to make any <br /> required payment as described in Section 2 of this Agreement <br /> shall be reinvested by the Refunding Trustee on the date of <br /> receipt for the benefit of the City and the holders and owners of <br /> the Refunded 1988 Bonds, as follows : <br /> (a) Such proceeds and reinvestment proceeds shall be <br /> reinvested only in direct noncallable obligations of the United <br /> States purchased at prevailing market prices and for which there <br /> is an established market or in United States Treasury Certifi- <br /> cates, Notes and Bonds--State and Local Government Series . <br /> (b) Such proceeds and reinvestment proceeds shall be <br /> reinvested at a yield not in excess of zero percent (0%) . <br /> (c) The obligations in which such proceeds are rein- <br /> vested shall mature not later than the date the principal thereof <br /> and interest thereon are needed to make any required payment as <br /> described in Section 2 of this Agreement and as shown in the then <br /> applicable certified public accountant escrow verification. <br /> (d) If such proceeds, together with other moneys on <br /> hand in the 1992 Advance Refunding Fund, are insufficient to <br /> reinvest in the smallest denomination of such obligations or are <br /> required sooner than the shortest maturity of such obligations, <br /> such proceeds shall be converted to cash and retained in the <br /> trust in the 1992 Advance Refunding Fund until needed to make a <br /> B-8 Fww003.Doc 92/09/21 <br />