RES 67055 - Laserfiche WebLink

31 (b) To pay the costs of extensions or improvements of or additions or betterments to the Enterprise or of making new consumer connections to the Enterprise; (c) To bc deposited with the Fiscal Agent and (i) used and withdrawn by the Fiscal Agent for the purpose of purchasing Bonds at public or private sale, as and when and at such prices (including brokerage and other charges, but excluding accrued interest) as it may in its discretion determine, but not to exceed the par value thereof, or, in the case of Bonds which by their terms · are subject to call and redemption, the highest redemption price (excluding accrued interest) or the then current redemption price (excluding accrued interest), whichever is lower; or (ii) deposited as an additional deposit in any Sinking Fund Account to be used and withdrawn by the Fiscal Agent, for the purpose of calling and redeeming Bonds; or (d) For any other lawful purpose of thc City. The Director of Finance shall not permit the withdrawal to be made by the City of any moneys held by the Director of Finance in the Surplus Account if and when the City is in default hereunder. SECTION 4.04. Investment o[ Funds. All moneys held by the Fiscal Agent and allocated by the Fiscal Agent to any of the accounts, other than the Reserve Account, and all moneys held by the Director of Finance in the Construction Fund or the Maintenance and Operation ~ccount, shall be held in time o~ demand deposits, and shall be secur6d at all times by such obligations and to the fullest extent required by law and shall not be invested, except as hereinafter provided in this section. Such moneys held by the Fiscal Agent may, upon written instructions from the City, be invested in obligations of the ~ollowing kinds maturing prior to the date on which such moneys are required to be p~d out by the Fiscal Agent here- under: direct obligations of the United Stat~s of America, obligations thc principal of and interest on which are guaranteed by the United States of America, obligations issued by federal land banks or federal intermediate' credit banks established under the Federal Farm Loan Act, as amended, bonds or debentures of the Federal Home Loan Bank Board or of any federal home loan bank established under the Federal Home Loan Bank Act, obligations of the Federal National Mortgage Association established under the National Housing Act, as amended, and debentures and con- solidated debentures issued by the Central Bank for Cooperatives and banks for cooperatives established under the Farm Credit Act of 1933, as amended. Moneys allocated to the Reserve Account shall be held in time or demand deposits secured as above referred to, except that, upon written instructions from the City, the Fiscal Agent shall invest any or all of the moneys in the Reserve Account, not then required to be applied to the redemption of Bonds, in direct obligations of the United States of America or obligations the principal of and interest on which are guaranteed by the United States of America which mature not more than twelve