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<br />"Escrow Fund" means the fund established pursuant to Section 4.07 hereof. <br /> <br />"Escrow Holder" means Bank of America National Trust and Savings Association <br />acting as Escrow Holder under the Escrow Deposit and Trust Agreement. <br /> <br />"Excess Investment Earnings" means and includes the following amounts with <br />respect to the Bonds: <br /> <br />(a) the excess of <br /> <br />(i) the aggregate amount earned from the Closing Date on all Nonpurpose <br />Investments in which Gross Proceeds are invested (other than amounts <br />attributable to an excess described in this paragraph (a)), over <br /> <br />(ii) the amount which would have been earned if the Yield on such <br />Nonpurpose Investments (other than amounts attributable to an excess <br />described in this paragraph (a)) had been equal to the Yield on the Bonds, <br />plus <br /> <br />(b) any income attributable to the excess described in the preceding paragraph <br />(a). <br /> <br />"Federal Securities" means any of the following which at the time of investment <br />are legal investments under the laws of the State for the moneys proposed to be <br />invested therein: <br /> <br />(a) direct general obligations of the United States of America (including <br />obligations issued or held in book entry form on the books of the Department of the <br />Treasury of the United States of America); and <br /> <br />(b) obligations of any department, agency or instrumentality of the United <br />States of America the timely payment of principal of and interest on which are <br />unconditionally and fully guaranteed by the United States of America. <br /> <br />"Financial Newspaper" means The Wall Street Journal, The Bond Buyer or any <br />other newspaper or journal printed in the English language which publishes financial <br />news and is circulated in San Francisco, California, and in New York, New York, and <br />selected by the Agent, whose decision shall be final and conclusive. <br /> <br />"Fiscal Year" means the period commencing on July 1 of each year and <br />terminating on the next succeeding June 30. <br /> <br />"Gross Proceeds" means and includes, with respect to any Bonds, all of the <br />following amounts: <br /> <br />(a) original proceeds, namely, the net amounts remaining from the sale of the <br />Bonds after payment of all Costs of Issuance, including accrued interest but <br />excluding underwriter's and original issue discount, and excluding any such proceeds <br />which become transferred proceeds (determined in accordance with applicable Tax <br />Regulations) of obligations issued to refund the Bonds in whole or in part; <br /> <br />-4- <br /> <br />11305 <br />