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(1) Caeh (l.naured at all tlues by the Federal Depoelt <br />Ineurance cot?oratlon or othemlse collaterallzed slth <br />obllgatlone degcribed ln paragraph (2', below) t ot <br />(2) DLrect obllgatLone of (lncludlnE obliEatlons lseued or <br />held ln book entry fotm on the books of) the Departnent <br />of the lfreasury of the United Statee of Anerlca. <br />nAuthorized fnveetmentgo shall mean for all pur?oges <br />other than defeagance Lnveetuente in refundlng escrow <br />accounte: <br />(1) obllgations of any of the following federal agencies <br />which obllgatlons represent the full faith and credlt of <br />the Unlted States of Anerl.ca, includlng: Export-rnportBank; Farm Credit systeu FlnancLal Assietance <br />Corporatl.ont Famere Home AdnlnistratLoni General <br />Senrices Adulnlstratl.on i U. s . Maritfune Adnlnlstration;Snall BueLnegs Adnlnistratloni covernment Natlonal <br />Irtortgage Association (cN!{A) i U.S. Departnent of Housingt Urban Developnent (PIlAr e) t and Federal Housing <br />AdnlnlstratLon; <br />(2, senior debt obllgatione rated rrAAArr by Standard & Poorf g <br />Corporatlon (StP) and rr[q6n by Moodyrs Invegtors Ser:rrice,InE. (t{oodyra) Lseued by the Federal Natlonal l,tortgageAeeociation or the Federal Hone lcan l,lortgage <br />Corporation. Senior debt obllgatlong of other Governnent <br />Sponeored Agencl.ee approved by AIIBAC Indennity; <br />(3) fl.S. dollar denoul.nated depoeit accounte, federal funds <br />and bankerfs acceptaneee wlth domestic connercial banks <br />whlch have a rating on their Ehort tetm certlficates of <br />depoeit on the date of purchaee of rrA-1[ or trA-l*o by StP <br />and oP-lt by Moodyrs and naturl.ng not more than 36O daysafter the date of purchase. (Ratings on holding <br />coupanies are not considered as the rating of the bank); <br />({) connerclal paper whlch ls rated at the tlne of purchase <br />ln the elngle hlghest clasglflcatlon, [A-l+tf by s&P and||P-ln by Uoodyre and whlch natures not nore than 27o daysafter the date of purchaae; <br />(5) Lnveetuente in a noney narket fund rated oAAAnrt ej rrf$s- <br />Gi or better by StPi <br />(6) Pre-refunded tlunlcipal obligationE defined aB follows: <br />Any bonda or other obllgatLons of any etate of the United <br />Statee of Anerlca or of any agency, Lnstrurentallty orlocal Eovermental unlt of any euch state which are notcallablc at thc optlon of the obllgor prior to uaturityor as to nhlch Lrrevocable lngtnrctlone have been given