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whose long-tcrm dcbt or ciaims paying ability is at all times rated "AA"or better by <br /> S&P or"Aa"or bettcr by Moody's or whose obligations are �uaranteed by an entity <br /> rated"AA"or bettcr by S&P or"Aa"or better by Moody's; <br /> (9) Othcr forms of investments (includin� repurchase agrecments) <br /> approved in writing by the Bond Insurer of a particular Series of Bonds with notice to <br /> S&P and Moody's; <br /> (10) Local Agency Investment Fund of the State of Califor�ia or any <br /> successor fund established pursuant to California law; and <br /> (ll) Shares in a California common lxw trust established pursuant to <br /> Title l, Division 7, Chapter S of the Government Codc of'thc State of California <br /> which invests exclusively in investments perrnitted by Section 53635 of Title 5, <br /> Division 2,Chapter 4 of the Government Code of the State of California,as it may be <br /> amended, such trusts to include specifically Tlie California Arbitrage Management <br /> Trust. <br /> C. The value of the above investments shall be determined as of the end of each month <br /> as follows: <br /> (I) As to inve�tments the bid and asked prices ofwhich are published on <br /> a re�ular basis in '1'he Wall Street Journal (or, if not thei�e, then in The New York <br /> Times): the average of the bid and asked prices for such investments so published on <br /> or mast recently prior ta such time of determination; <br /> (2) As to investments the bid and asked prices of which are not published <br /> on a re6ular basis in The Wall Street Journal or The New York Times: the average <br /> bid price at such time of determination for such investments by any two nationally <br /> reco�nized government securities dealers (selected by the "I'rustee in its absolute <br /> discretion) at the time making a market in such investments or the bid price <br /> published by a nationally recognized pricing service; <br /> (3) As to certificates of deposit and banker acceptances: the face amount <br /> thereof,plus accrued interest;and <br /> (4) As to any investment not specified above: the value thereof <br /> established by prior agreement among the Port, the Trustee and the Bond lnsurer, if <br /> any. <br /> Averuee Annunt Debt Service <br /> "Avera�e Annual Debt Service" means, as of any date of calculation, the average Annual <br /> Debt Service during the period from the date of such calculation through the final maturity date of <br /> all Outstandin�Bonds or the final Contract Payment Dale of all Contracts,whichever date is later. <br /> 1209A 9122931.0005 6 <br />