Agmt15 City of RWC Public Financing Authority Water Revenue Refunding Bonds

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thereon, shall be expended only as provided in this Indenture, and shall not be subject to levy or attachment or lien by or for the benefit of any creditor of the Trustee or the Authority. Section 3.08. Commingling of Moneys in Funds. The Trustee is directed by the Authority to commingle any of the funds held by it pursuant to this Indenture into a separate fund or funds for investment purposes only; provided, however, that all funds or accounts held by the Trustee hereunder shall be accounted for separately notwithstanding such commingling by the Trustee. Section 3.09. Acquisition, Disposition and Valuation of Investments. (a) Except as otherwise provided in subsection (b) of this Section, the Authority covenants that all investments of amounts deposited in any fund or account created by or pursuant to this Indenture, or othenivise containing gross proceeds of the Bonds (within the meaning of section 148 of the Code) will be acquired, disposed of, and valued (as of the date that valuation is required liy this Indenture or the Code)at Fair Market Value. (b) Investments in funds or accounts (or portions thereofl that are subject to a yield restriction under applicable provisions of the Code and (unless valuation is unde�taken at least annually) investments in the Reserve Fund will be valued at their present value (within the meaning of section 148 of the Code). Section 3.10. Pledge of Revenues.All of the Revenues are hereby irrevocably pledged to the punctual payment of Debt Service and such Revenues shall not be used for any other purpose while any of the Bonds remain outstanding, except as provided herein. This pledge shall constitute a first lien on the Revenues for the payment of the Bonds and payments in accordance with the terms hereof and thereof. Section 3.11. Receipt and Deposit of Revenues. The Authority hereby transfers in trust, grants a securiry interest in and assigns to the Trustee, for the benefit of the Owners from time to time of the Bonds, all of the Revenues and all of the right, title and interest of the Authority in the Installment Purchase Contract (except for certain rights to indemnification set forth therein). Such assignment is to the Trustee solely in its capacity as Trustee hereunder and not in its individual or personal capacity and is subject to the provisions of this Indenture. In acting pursuant to such assignment, the Trustee is entitled to all of the protections, limitations from liability and indemnities provided it hereunder. The Trustee shall be entitled to and shall collect and receive all of the Revenues, and any Revenues collected or received by the Authority shall be deemed to be held, and to have been collected or received, by the Authority as the agent of the Trustee and shall forthwith be paid by the Authority to the Trustee. The Trustee also shall be entitled to and shall, subject to the provisions of Article VII, take all steps, actions and proceedings which the Trustee determines to he reasonably necessary in its judgment to enforce, either jointly with the Authority or separately, all of the rights of the Authoriry and all of the obligations of the City under the Installment Purchase Contract. The parties hereto acknowledge that although all Bonds are secured equally and ratably by the Revenues, moneys with respect to obligations other than the Bonds may be held by the Trustee or by trustees other than the Trustee under documents and agreements other than the Indenture, and the Indenture imposes no obligations upon the Trustee with respect to such 22