1982-140 - Laserfiche WebLink

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0 *M . trust funds created pursuant to the Loan Agreement or this Agreement, shall, at the direction of the Authorized Represen- tative and subject to Section 6.5 of the Loan Agreement, be invested or reinvested by the Depository to the extent permitted by law in (a) direct general obligations of, or obligations the payment of the principal of and interest on which are uncon- ditionally guaranteed by, the United States of America c,r an agency thereof, and (b) certificates of deposit of banks or trust companies organized under the laws of the United States or any state thereof, which are continuously secured by direct obliga- tions of the United States of America. The investments so purchased shall be held by the Depository in trust and shall be deemed F: all times to be a part of the Project Fund or such special trust funds, as the case may be, and the interest accruing thereon and any profit realized therefrom shall be credited to such fund, and any losses resulting from such investment shall be charged to such fund and reimbursed by the Proprietor to such fund. The Depository is hereby directed to sell and reduce to cash a sufficient amount of such investments whenever the cash balance in any such fund is insufficient to pay a requisition when presented or to make a payment or prepayment on the Bond when due. The Depository shall not be responsible or liable in any manner for any loss resulting from any investment made by it at the direction of the Authorized Representative or resulting from the sale or disposition prior to the maturity of any such investment when necessary to pay a requisition when presented or to make a payment or prepayment on the Bond when due, nor shall the Depository be required to invest or reinvest any amounts in the Project Fund or such special trust funds or any earnings therefrom unless directed in writing to do so by the Authorized Representative. The Depository shall not be required to pay interest upon any such amounts or earnings held in the Project Fund or such special trust funds during such time that such amounts remain uninvested. The Proprietor agrees to pay to the Depository its reasonable fees and expenses incurred in acting as Depository hereunder and in making the investments of the amounts in the Project Fund or such special trust funds at the direction of the Authorized Representative. The Depository undertakes to perform only such duties as are expressly set forth in this Agreement, and the Depository shall not be liable or responsible for any action or inaction by it hereunder other than as a result of its gross negligence or willful misconduct. The Depository may rely conclusively upon the opinion or advice of any attorney (who may be the attorney or attorneys for the County or the Proprietor) acceptable to the Depository. The Depository may at any time -14-