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-9- <br />“Pass-Through Agreements” means, collectively, (a) that certain Fiscal Agreement, <br />dated as of August 1, 1988, by andbetween the Former Agency and the County, (b) that certain <br />Fiscal Agreement, dated as of August 1, 1988, by and between theFormerAgency and the <br />Alameda County Superintendent of Schools, and (c) that certain Fiscal Agreement, dated as of <br />August 1, 1988, by and between theFormerAgency and the East Bay Regional Parks District. <br />"Permitted Investments" means any of the following which at the time of investment are <br />legal investments under the laws of the State for the moneys proposed to be invested therein: <br />(a) Federal Securities; <br />(b) bonds, debentures, notes or other evidence of indebtedness issued or <br />guaranteed by any of the following federal agencies and provided such obligations are <br />backed by the full faith and credit of the United States of America (stripped securities are <br />onlypermitted if they have been stripped by the agencyitself): (i) direct obligations or <br />fully guaranteed certificates of beneficial ownership of the U.S. Export-Import Bank; (ii) <br />certificates of beneficial ownership of the Farmers Home Administration; (iii)obligations <br />of the Federal Financing Bank; (iv) debentures of the Federal Housing Administration; <br />(v) participation certificates of the General Services Administration; (vi) guaranteed <br />mortgage-backed bonds or guaranteed pass-through obligations of the Government <br />National Mortgage Association; (vii) guaranteed Title XI financings of the U.S. Maritime <br />Administration; (viii) project notes, local authority bonds, new communities debentures <br />and U.S. public housing notes and bonds of the U.S. Department of Housing and Urban <br />Development; <br />(c) bonds, debentures, notes or other evidence of indebtedness issued or <br />guaranteed by any of the following non-full faith and credit U.S. government agencies <br />(stripped securities are only permitted if they have been stripped bythe agencyitself): (i) <br />senior debt obligations of the Federal Home Loan Bank System; (ii) participation <br />certificates and senior debt obligations of the Federal Home Loan Mortgage Corporation; <br />(iii) mortgaged-backed securities and senior debt obligations of the Federal National <br />Mortgage Association (excluding stripped mortgage securities which are valued greater <br />than par on the portion of unpaid principal); (iv) senior debt obligations of the Student <br />Loan Marketing Association; (v) obligations (but only the interest component of stripped <br />obligations) of the Resolution Funding Corporation; and (vi) consolidated system wide <br />bonds and notes of the Farm Credit System; <br />(d) money market funds (including funds of the Trustee or its affiliates) registered <br />under the Federal Investment Company Act of 1940, whose shares are registered under <br />the Federal Securities Act of 1933, and having a rating by S&Pof "AAAm-G", "AAAm", <br />or "AAm",including funds for which the Trustee, its affiliates or subsidiaries provide <br />investment advisory or other management services; <br />(e) certificates of deposit secured at all times by collateral described in (a) or (b) <br />above, which have a maturity of one year or less, which are issued by commercial <br />banks, including affiliates of the Trustee, savings and loan associations or mutual <br />savings banks, and such collateral must be held by a third party, and the Trustee on <br />behalf of the Bond Owners must have a perfected first security interest in such collateral;