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<br />4 <br />execution, transportation and safekeeping of Bonds and charges and fees in connection with <br />the foregoing. <br /> <br />“Delivery Costs Fund” means the fund of that name established by Section 3.02 hereof. <br /> <br />“Depository” means (a) initially, DTC, and (b) any other qualified securities depository <br />acting as Depository pursuant to Section 2.11 hereof. <br /> <br />“Depository System Participant” means any participant in the Depository’s book entry <br />system. <br /> <br />“DTC” means the Depository Trust Company, New York, New York, and its successors <br />and assigns. <br /> <br />“Event of Default” means an event of default described in Section 6.01 hereof. <br /> <br />“Fair Market Value” means the price at which a willing buyer would purchase the <br />investment from a willing seller in a bona fide, arm’s length transaction (determined as of the <br />date the contract to purchase or sell the investment becomes binding) if the investment is traded <br />on an established securities market (within the meaning of section 1273 of the Code) and, <br />otherwise, the term “Fair Market Value” means the acquisition price in a bona fide arm’s length <br />transaction (as referenced above) if (i) the investment is a certificate of deposit that is acquired <br />in accordance with applicable regulations under the Code, (ii) the investment is an agreement <br />with specifically negotiated withdrawal or reinvestment provisions and a specifically negotiated <br />interest rate (for example, a guaranteed investment contract, a forward supply contract or other <br />investment agreement) that is acquired in accordance with applicable regulations under the <br />Code, (iii) the investment is a United States Treasury Security--State and Local Government <br />Series that is acquired in accordance with applicable regulations of the United States Bureau of <br />Public Debt, or (iv) any commingled investment fund in which the Authority and related parties <br />do not own more than a 10% beneficial interest therein if the return paid by the fund is without <br />regard to the source of the investment. To the extent required by the applicable regulations <br />under the Code, the term “investment” will include a hedge. <br /> <br />“Federal Securities” (a) direct obligations (other than an obligation subject to variation in <br />principal repayment) of the United States of America, (b) obligations fully and unconditionally <br />guaranteed as to timely payment of the interest and principal by the United States of America, <br />(c) obligations of any agency or instrumentality of the United States of America as to which the <br />timely payment of the interest on and the principal of such obligations is backed by the full faith <br />and credit of the United States of America, or (d) evidences of ownership of proportionate <br />interests in future interest and principal payments on obligations described above held by a <br />bank or trust company as custodian, under which the owner of the investment is the real party in <br />interest and has the right to proceed directly and individually against the obligor and the <br />underlying government obligations are not available to any person claiming through the <br />custodian or to whom the custodian may be obligated. <br /> <br />“Finance Director” means the chief financial officer of the Authority. <br /> <br />“Fiscal Year” means the twelve calendar month period terminating on June 30 of each <br />year, or any other annual accounting period hereafter selected and designated by the Authority <br />as its Fiscal Year in accordance with applicable law. <br /> <br />8.C. - Page 115