Ordinance 1139-85 - Laserfiche WebLink

The words "Outstanding Bonds" means the outstanding 1978 Bonds, 1980 Bonds, 1982 Bonds and 1983 Bonds. The words "Parity Bonds" mean the Refunding Bonds and any water and sewer revenue bonds which the City may hereafter issue having a lien upon the Revenue of the System for the payment of the principal thereof and interest thereon equal to the lien upon the Revenue of the System of the Refunding Bonds. The words "Permitted Investments" mean ( 1) bonds, notes and other evidences of direct indebtedness of the United States of America and securities unconditionally guaranteed as to the timely payment of principal and interest by the United States of America; (2 ) obligations of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association, Federal Intermediate Credit Banks, Federal Banks for Cooperatives, Federal Land Banks, Federal Home Loan Banks, or the Export-Import Bank of the United States; (3 ) direct obligations of, or obligations unconditionally guaranteed by, any state of the United States, or any subdivision, agency, instrumentality or authority thereof rated Aa or better by Moody' s Investors Service ( "Moody' s" ) or AA or better by Standard & Poor' s Corporation ( "S&P" ) ; (4) commercial paper rated Prime-1 by Moody' s and A-1+ by S&P; (5) deposits with any federally or state-chartered savings and loan association, the deposits of which are insured by the FSLIC, and which are "qualified public depositaries, " as that term is defined in Chapter 39 . 58 RCW, or its successor statute; ( 6) deposits with any federally or state-chartered bank, the deposits of which are insured by the FDIC, and which are "qualified public depositaries, " as that term is defined in Chapter 39 . 58 RCW, or its successor statute; (7 ) investments in a moneymarket or other fund, the investments of which fund are exclusively in obligations or securities described -7- WMD202 85/06/10