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Section 10.08. Funds. Any fund or account required to be established and maintained <br /> herein by the Trustee may be established and maintained in the accounting records of the Trustee <br /> either as an account or a fund, and may, for the purposes of such accounting records, any audits <br /> thereof and any reports or statements with respect thereto, be treated either as an account or a <br /> fund; but all such records with respect to all such funds shall at all times be maintained in <br /> accordance with corporate trust industry practice and with due regazd for the protection of the <br /> security of the Bonds and the rights of the owners. <br /> Section 10.09. Investments. <br /> (a) Amounts on deposit in any fund or account created pursuant to this Indenture shall <br /> be invested in Permitted Investments which will, as neazly as practicable, mature on or before the <br /> dates when such money is anticipated to be needed for disbursement hereunder, in accordance <br /> with such written directions as the Authority or the City may from time to time provide to the <br /> Trustee. Amounts on deposit in the Reserve Fund shatl be invested by the Trustee, in accordance <br /> with written directions from the Authority or the City, in Permitted Investments (i) having an <br /> average aggregate weighted term to maturity not greater than five (5) years, or (ii) of any <br /> maturity, but callable at paz for any purpose required by this Indenture. Investment directions <br /> shall be received at least two (2) Business Days prior to the date of making the investment. If no . <br /> sucli direction has been received by the Trustee in sufficient time, in the judgment of the Trustee <br /> to comply with such instructions the Trustee may invest such amounts in Permitted Investments <br /> of the type described in paragraph (4) of the definition thereof. The.Trustee and any affiliates <br /> may act as sponsor, advisor, principal or agent in the acquisition or disposition of any such <br /> investment. The Trustee shall not be liable or responsible for any loss suffered in connection <br /> with any such investment made by it under the terms of and in accordance with this Section <br /> 10.09. The Trustee may sell or present for redemption any obligations so purchased whenever it <br /> � shall be necessary in order to provide moneys to meet any payment of the funds so invested, and <br /> the Trustee shall not be liable or responsible for any losses resulting from any such investment <br /> sold or presented for redemption. <br /> Interest or profit received on such investments shall be deposited to the Reserve Fund to <br /> the extent the amount on deposit therein is less than the Reserve Requirement, and thereafter to <br /> the Payment Fund. <br /> The Trustee will furnish the Authoriry periodic cash transaction statements which include <br /> detail for all investment transactions made by the Trustee hereunder. The Trustee shall, using its <br /> best efforts, sell or present for redemption, any Permitted Investment so purchased by the Trustee <br /> whenever it shall be necessary in order to provide moneys to meet any required payment, <br /> transfer, withdrawal or disbursement from the fund� to which such Permitted Investment is <br /> credited. The Trustee shall furnish to the Authority, not less than monthly, an accounting of all <br /> investments made by the Trustee. The Trustee shall keep accurate records of all funds <br /> administered by it and all Bonds paid and discharged. <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 /> -45- <br /> 338471 l.DOC <br />