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5. The Escrow Agent covenants and agrees to apply the sum <br />referred to in Paragraph 1. for the purposes and at the times as set forth in <br />Paragraph 2 and Paragraph 3, respectively. <br />6. At the direction of the County, the sum referred to in <br />Paragraph l shall be invested and reinvested by the Escrow Agent in Authorized <br />Investments stated to mature or subject to redemption by the holder at not less <br />than the purchase price thereof not• later than January 1.8, 1990 (the <br />"Obligations"). For purposes hereof, the phrase "Authorized Investments" shall <br />mean direct obligations of the United States, or obligations the principal of <br />and interest on which are fully guaranteed by the United States, none of which <br />permit redemption prior to maturity at the option of the obligor ("Federal <br />Securities"), or bank certificates of deposit fully secured as to principal and <br />interest by Federal Securities. The Obligations shall be held in the name of <br />the Escrow Agent and shall be subject to withdrawal and/or collection only by <br />the Escrow Agent for application for proper purposes provided for in this <br />Agreement. The income derived from such investment and/or deposit of money, to <br />the extent not required to meet obligations of the County to pay the principal <br />and interest on the 1986 Notes, promptly shall be paid over to the County or <br />disbursed by the Escrow Agent as shall be directed by the County in writing. <br />7. The County authorizes and directs the Escrow Agent, in behalf <br />of the County, to do all acts and things that shall be necessary or desireable, <br />from time to time, to effectuate the withdrawal and/or collection of the <br />principal and interest of the Obligations in accordance with the provisions of <br />- 5 - <br />