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amended, and which are either (a) rated [A] or better by S &P and <br />[A] or better from Moody's, or (b) fully secured as to the payment of <br />principal and interest by Permitted Investments described in clauses <br />(a) or (b). <br />(i) Obligations issued by any corporation organized and operating <br />within the United States of America having assets in excess of <br />$500,000,000, which obligations are rated [A] or better by S &P and <br />[A] or better from Moody's. <br />(j) Bonds or notes issued by any state or municipality which are rated <br />[A] or better by S &P and [A] or better from Moody's. <br />(k) Any investment agreement with, or guaranteed by, a financial <br />institution the long -term unsecured obligations or the claims paying <br />ability of which are rated [A] or better by S &P and [A] or better from <br />Moody's at the time of initial investment, by the terms of which all <br />amounts invested thereunder are required to be withdrawn and paid <br />to the Trustee in the event either of such ratings at any time falls <br />below [A]. <br />(1) The Local Agency Investment Fund of the State of California, <br />created pursuant to Section 16429.1 of the California Government <br />Code, to the extent the Trustee is authorized to register such <br />investment in its name. <br />" PERS " means the California State Public Employees' Retirement System. <br />" PERS Contracts means the contracts, as amended from time to time, entered <br />into by the City and PERS pursuant to the Retirement Law obligating the City to make <br />contributions to PERS in exchange for PERS providing retirement benefits to certain <br />City employees. <br />" PERS Side Fund Obligations means the obligation of the City under the <br />Retirement Law and the PERS Contracts to make payments to PERS with respect to <br />benefits accruing to retired public safety employees of the City. <br />" Principal Account means the account by that name established and held by the <br />Trustee under Section 4.02(b). <br />"Record Date" means, with respect to any Interest Payment Date, the close of <br />business on the 15 In calendar day of the month preceding such Interest Payment Date <br />occurs, whether or not such 15 calendar day is a Business Day. <br />" Registration Books means the records maintained by the Trustee under <br />Section 2.07 for the registration and transfer of ownership of the Bonds. <br />" Request of the City means a request in writing signed by the Mayor, City <br />Manager or Finance Director of the City, or any other officer of the City duly authorized <br />by the City for that purpose. <br />A -4 <br />