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SECOND DRAFT - November 23, 1992 <br />administered by the Federal Deposit Insurance Corporation or, to the extent not <br />so insured, are secured as public deposits in accordance with the laws of the <br />State, <br />10. Except as provided below, the County may direct the Escrow Agent <br />to invest, and the Escrow Agent shall invest, money and balances on hand <br />hereunder from time to time that result from maturing principal and interest on <br />the Obligations or earnings thereon, available for periods pending application <br />as herein required, but only upon receipt of an opinion from a nationally <br />recognized bond counsel firm that the additional investment of money and balances <br />on hand hereunder is not in violation of Section 103(b)(2) and Section 148 of the <br />Internal Revenue Code of 1986, as amended. <br />Notwithstanding the limitations of the preceding paragraph, the <br />Escrow Agent shall reinvest, without further direction from the County, the <br />maturing principal and interest on the Obligations and certain other cash to be <br />available for reinvestment on the dates, in the amounts, with the maturities and <br />subject to the limitations, if any, set forth in Exhibit "C", which is attached <br />hereto and made part hereof. <br />Any reinvestment of the matured principal and interest on the <br />Obligations or other funds held hereunder shall be only in Authorized Escrow <br />Investments or, subject to any limitation set forth in this Agreement, time <br />deposits or certificates of deposit, with a firm rate of interest, issued by a <br />bank or bank and trust company, that are insured by a Federal depositors' <br />- 12 - <br />