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SECOND DRAFT - November 23, 1992 <br />referred to in Paragraph 1 (whereupon the term "Obligations" shall include such <br />substituted obligations), but only upon receipt of the following: <br />(a) an Opinion of a nationally recognized bond counsel firm <br />that the obligations so substituted are of the type that are <br />permitted to be held under and pursuant to this Agreement for the <br />purposes contemplated hereby and to the effect that such <br />substitution has no adverse effect upon the exclusion of interest on <br />the Series 1992 Bonds from gross income of the holders thereof for <br />federal income tax purposes; and <br />(b) a Certificate of an independent certified public <br />accountant verifying that the funds on deposit after such <br />substitution will be sufficient and available to pay the remaining <br />principal of and interest on the Refunded Series 1985 Bonds and the <br />Series 1987 Bonds as and to the extent contemplated by Paragraph 3. <br />To the extent that the Certificate delivered pursuant to subparagraph (b) above <br />demonstrates and verifies that there are excess funds not required to be held by <br />the Escrow Agent hereunder to meet scheduled principal and interest payments on <br />the Refunded Series 1985 Bonds and the Series 1987 Bonds, such excess funds shall <br />be paid over to the County. Any surplus or excess funds not paid over to the <br />County may only be invested in Authorized Escrow Investments or time deposits or <br />certificates of deposit, with a firm rate of interest, issued by a bank or bank <br />and trust company, that are insured by a Federal depositors, insurance fund <br />