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<br />40 <br />maintained in accordance with corporate trust industry practice and with due regard for the <br />protection of the security of the Bonds and the rights of the owners. <br /> <br />Section 10.09. Investments. <br /> <br />(a) Amounts on deposit in any fund or account created pursuant to this Indenture <br />shall be invested in Permitted Investments which will, as nearly as practicable, mature on or <br />before the dates when such money is anticipated to be needed for disbursement hereunder, in <br />accordance with such written directions as the Authority or the City may from time to time <br />provide to the Trustee. If no such direction has been received by the Trustee in sufficient time, <br />in the judgment of the Trustee to comply with such instructions the Trustee may invest such <br />amounts in Permitted Investments of the type described in paragraph (4) of the definition <br />thereof. The Trustee and any affiliates may act as sponsor, advisor, principal or agent in the <br />acquisition or disposition of any such investment. The Trustee shall not be liable or responsible <br />for any loss suffered in connection with any such investment made by it under the terms of and <br />in accordance with this Section 10.09. The Trustee may sell or present for redemption any <br />obligations so purchased whenever it shall be necessary in order to provide moneys to meet <br />any payment of the funds so invested, and the Trustee shall not be liable or responsible for any <br />losses resulting from any such investment sold or presented for redemption. <br /> <br />Interest or profit received on such investments shall be deposited to the Payment Fund. <br /> <br />The Trustee will furnish the Authority periodic cash transaction statements which include <br />detail for all investment transactions made by the Trustee hereunder. The Trustee shall, using <br />its best efforts, sell or present for redemption, any Permitted Investment so purchased by the <br />Trustee whenever it shall be necessary in order to provide moneys to meet any required <br />payment, transfer, withdrawal or disbursement from the fund to which such Permitted <br />Investment is credited. The Trustee shall furnish to the Authority, not less than monthly, an <br />accounting of all investments made by the Trustee. The Trustee shall keep accurate records of <br />all funds administered by it and all Bonds paid and discharged. <br /> <br />The Authority acknowledges that to the extent regulations of the Comptroller of the <br />Currency or other applicable regulatory entity grant the Authority the right to receive brokerage <br />confirmations of security transactions as they occur, the Authority will not receive confirmations <br />to the extent permitted by law. The Trustee will furnish the Authority periodic cash transaction <br />statements which shall include detail for all investment transactions made by the Trustee <br />hereunder. <br /> <br />The Trustee may make any investments hereunder through its own bond or investment <br />department or trust investment department, or those of its parent or any affiliate. <br /> <br />(b) Valuation shall occur not less often than immediately prior to each Interest <br />Payment Date. <br /> <br />(c) Except for investment agreements and repurchase agreements, if at any time <br />after investment therein a Permitted Investment ceases to meet the criteria set forth in the <br />definition of Permitted Investments and such obligation, aggregated with other non-conforming <br />investments, exceeds ten percent (10%) of invested funds, such Permitted Investment shall be <br />sold or liquidated. <br /> <br />8.C. - Page 151