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_�,.� ..�.,_ _ . __ <br /> (3) Bonds in lieu of or in substitution for which replacement Bonds shall have <br /> been executed and delivered hereunder. <br /> "Owner" or "Bondowner" means the registered owner of any Outstanding Bond. <br /> "Payment Fund" means the fund by that name established in Section 3.03 hereof. <br /> "Permitted Investments" means any of the following, but only to the extent that the same <br /> are acquired at Fair Market Value, which at the time of investment are legal investments under <br /> the laws of the State of California for the moneys proposed to be invested therein (the Trustee is <br /> entitled to conclusively rely upon any direction of the City or the Authority as a certification that <br /> such investment constitutes a Permitted Investment and is a legal investment under the laws of <br /> the State of California): <br /> 1. Direct obligations of the United States of America (including obligations issued or <br /> held in book-entry form on the books of the Department of the Treasury, but excluding CATS <br /> and TIGRS) or obligations the principal of and interest on which are unconditionally guaranteed <br /> by the United States of America. <br /> 2. Bonds, debentures, notes or other evidence of indebtedness issued or <br /> guaranteed by any of the.following federal agencies and provided such obligations are backed <br /> by the full faith and credit of the United States of America (stripped securities are only permitted <br /> if they have been stripped by the agency itselfl: <br /> Farmers Home Administration (FmHA) <br /> Certificates af beneficial ownership <br /> Federal Housing Administration Debentures(FHA) <br /> General Services Administration <br /> Participation certificates <br /> Government National Mortqaqe Association (GNMA or"Ginnie Mae") <br /> GNMA—guaranteed mortgage-backed bonds <br /> GNMA—guaranteed pass-through obligations (participation certificates) <br /> (not acceptable for certain cash-flow sensitive issues.) <br /> U.S. Maritime Administration <br /> Guaranteed Title XI financing <br /> U.S. Department of Housing and Urban Development(HU�) <br /> Project Notes <br /> Local District Bonds <br /> New Communities Debentures — U.S. Government guaranteed <br /> debentures <br /> U.S. Public Housing Notes and Bonds— U.S. Government guaranteed <br /> public housing notes and bonds <br /> 3. Bonds, debentures, notes or other evidence af indebtedness issued or <br /> guaranteed by any of the following non-full faith and c�edit U.S. government agencies (stripped <br /> securities are only permitted if they have been stripped by the agency itselfl: <br /> 6 <br />