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been paid within the meaning of Section 9.03; and (c) Bonds in lieu of or in substitution for which other Bonds have been authorized, executed, issued and delivered by the City hereunder. " Owner " means, with respect to any Bond, the person in whose name the ownership of such Bond is registered on the Registration Books. " Permitted Investments means any of the following which at the time of investment are legal investments under the laws of the State of California for the moneys proposed to be invested therein: (a) Federal Securities; (b) Obligations of any agency, department or instrumentality of the United States of America, the timely payment of principal and interest on which are directly or indirectly secured or guaranteed by the full faith and credit of the United States of America. (c) Obligations of any agency, department or instrumentality of the United States of America which are rated [A] or better by S &P and [A] or better by Moody's. (d) Interest - bearing deposit accounts (including certificates of deposit) in federal or State of California chartered savings and loan associations or in federal or State of California banks (including the Trustee), provided that: (i) the unsecured obligations of such commercial bank or savings and loan association are rated [A] or better by S &P and [A] or better by Moody's; or (ii) such deposits are fully insured by the Federal Deposit Insurance Corporation. (e) Commercial paper rated [A -1 +] or better by S &P and [P -1] or better by Moody's. (f) Federal funds or bankers acceptances with a maximum term of one year of any bank which an unsecured, uninsured and unguaranteed obligation rating of [A -1 +] or better by S &P and [P -1] or better by Moody's. (g) Money market funds registered under the Federal Investment Company Act of 1940, whose shares are registered under the Federal Securities Act of 1933, and having a rating by S &P of at least AAAm -G, AAAm or AAm and a rating from Moody's of at least AAA, which funds may include funds for which the Trustee, its affiliates, parent or subsidiaries provide investment advisory or other management services. (h) Obligations the interest on which is excludable from gross income pursuant to Section 103 of the Internal Revenue Code of 1986, as amended, and which are either (a) rated [A] or better by S &P and [A] or better from Moody's, or (b) fully secured as to the payment of principal and interest by Permitted Investments described in clauses (a) or (b). A -3