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(b) investment proceeds, namely, amounts received at any time from the investment of any proceeds described in the preceding clause (a), or from the investment of amounts described in this clause (b), in Nonpurpose Investments, increased by the amount of any profits and decreased (if necessary, below zero) by the amount of any losses on such investments, excluding such amounts which become transferred proceeds (determined in accordance with applicable Tax Regulations) of obligations issued to refund the Bonds in whole or in part; (c) sinking fund proceeds, namely, amounts, other than amounts described in the preceding clauses (a) and (b), which are held in the Redemption Fund and any other Fund or Account which is reasonably expected to be used to pay Debt Service; (d) Investment Property pledged as security for payment of Debt Service by the City; (e) any amounts, other than amounts described elsewhere in this definition, used to pay Debt Service; and (f) amounts received as a result of the investment of amounts described in this definition. "Improvement Fund" means the fund of that name established and held by the Treasurer pursuant to Section 4.02 hereof. "Interest Payment Date" means each date upon which interest on the Bonds is payable, beginning March 2, 1991, and semiannually on each September 2 and March 2 thereafter until maturity. "Investment Property" means any security (as said term is defined in section 165(g)(2)(A) or (B) of the Tax Code), obligation, annuity or investment-type property, excluding, however, obligations (other than specified private activity bonds defined in section 57(e)(5) and (6) of the Tax Code) the interest on which is exempt from income tax under section 103 of the Tax Code. "Nonpurpose Investment" means any Investment Property which is acquired with the Gross Proceeds and is not acquired in order to carry out the governmental purpose of the Bonds. "Original Purchaser" means Smith Barney, Harris Upham & Co., Inc. and Rauscher Pierce Refsnes, Inc. as first purchaser of the Bonds from the City. "Outstanding", when used as of any particular time with reference to Bonds, means all Bonds therefore executed, issued and delivered by the City under this Resolution except: (a) Bonds theretofore cancelled by the Agent or surrendered to the Agent for cancellation; (b) Bonds paid or deemed to have been paid within the meaning of Section 2.14; and -5- 11305