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or the Export-Import Bank of the United States; (3 ) direct obliga- <br /> tions of, or obligations unconditionally guaranteed by, any state <br /> of the United States, or any subdivision, agency, instrumentality <br /> or authority thereof rated Aa or better by Moody' s Investors <br /> Service ( "Moody' s" ) and AA or better by Standard & Poor' s Corpora- <br /> tion ( "S&P" ) ; (4) commercial paper rated Prime-1 by Moody' s and <br /> A-1+ by S&P; (5 ) deposits with any federally or state-chartered <br /> savings and loan association, provided such deposits are fully <br /> insured by the FSLIC, and which are "qualified public deposi- <br /> taries, " as that term is defined in Chapter 39 . 58 RCW, or its <br /> successor statute; ( 6) deposits with any federally or state- <br /> chartered bank, provided such deposits are fully insured by the <br /> FDIC, and which are "qualified public depositaries, " as that term <br /> is defined in Chapter 39 . 58 RCW, or its successor statute; <br /> (7) investments in a money market or other fund, the investments <br /> of which fund are exclusively in obligations or securities <br /> described in subsections ( 1 ) , (2 ) or (3 ) above and which are rated <br /> "Am" or "Am-G" or better by Standard & Poors; (8) repurchase <br /> agreements with a registered broker/dealer subject to the Securi- <br /> ties Investors' Protection Corporation Liquidation in the event of <br /> insolvency, or any commercial bank ( a) whose unsecured indebted- <br /> ness is rated A2 or better by Moody' s and A or better by S&P, or <br /> (b) which is the lead bank of a parent bank holding company whose <br /> unsecured indebtedness is rated A2 or better by Moody' s or A or <br /> better by S&P, provided, that the obligation of such bank to <br /> repurchase is within the time limitation established for invest- <br /> ments as set forth in subsection C below, and which repurchase <br /> agreement shall be governed by a specific written repurchase <br /> agreement and shall provide that: <br /> A. the repurchase obligation of the bank is col- <br /> lateralized by the securities themselves which shall be held <br /> free and clear of any lien by the City or an agent acting on <br /> -8- KR180 88/01/11 <br />