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~1 (ii) Second, to the Trustee to the extent of any amounts owed to it under t~is Agreement; 2 I~ 3 4 5 6 7 8 9 10 11 12 (iii) Third, to the County as an overpayment of Financing Payments; provided, however, that the Trustee shall not so pay to the County any amounts or held for the payment of any Certificates which are not yet due and payable (includ to any Certificates which have been defeased pursuant to Section 210 hereo fl or ~ been presented for payment, or for the payment of any Rebate Amount, but shall r~ and investments and apply the same to the payment of the Certificates or Rebate they are being held. ~estments being but not limited ch have not yet n such amounts ~ount for which 13 14 15 16 17 18 19 20 ~21 2 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 ~ ARTICLE V INVESTMENTS SECTION 501. INVESTMENT OF MONEYS HELD IN FUNDS. Any moneys h ld as part of the Certificate Payment Fund (including all accounts therein), the Project Fund or any other fund established with and held by the Trustee pursuant to any Supplemental Agreement hall be invested or reinvested by the Trustee in Investment Securities in accordance with written irections of the County, or in the Trustee's discretion, in accordance with oral directions of t e County to be confirmed in writing; provided that moneys on deposit in the 1998 Insurance Poli y Account shall be invested as provided in Section 802(c) of this Agreement. All such investments hall mature not later than the respective dates estimated by the County when the moneys in sai funds shall be needed for the purposes provided in this Agreement, but should the cash bal ce in a fund be insufficient for such a purpose, the Trustee is authorized to sell the necessary portion of such investments to meet that purpose. All investments shall be deemed a part of the fun from which the moneys used to acquire the investment were acquired, and all profits and losses sh 11 be credited or charged to said fund. The Trustee may make any and all such investments through its own tr department, or through any of its affiliates or subsidiaries. The Trustee may act as in the making or disposing of any investment hereunder. The Trustee shall furr periodic statements of account which include detail of all investment transact Trustee hereunder. SECTION 502. ARBITRAGE CERTIFICATE COVENANT. The County hel the Owners of any Tax-Exempt Obligations issued hereunder that it will make no of the Ta~c-Exempt Obligations, or any other funds which may be deemed to be X Exempt Obligations pursuant to the Code, which if such use had been reasonal date of issuance of the Tax-Exempt Obligations, would have caused the Tax-Exf be "arbitrage bonds" within the meaning of the Code, and will comply with the FINANCING AND TRUST AGREEMENT or investment icipal or agent to the County ; made by the ~ covenants with ~ of the proceeds ;eeds of the Tax- expected on the ~t Obligations to uirements of the PAGE 35