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~ ARTICLE V ~ INVESTMENTS ~ 4 SECTION ~01. INVESTMENT OF MONEY"S HELD IN FUNDS. Any moneys held as part of 5 the Certificate Payment Fund (including all accounts therein), the Project Fund or any other fund 6 established ~~ith and held by the Trustee pursuant to any Supplemental Agreement shall be invested 7 or reinvested by the Trustee in Investment Securities in accordance with written directions of the 8 County, or in the Trustee's discretion, in accordance with oral directions of the County to be 9 confirn~ed in writing; py-ovided that moneys on deposit in the 1998 Insurance Policy Account shall I o be invested as provided in Section 802(C) of this Agreement. All such investments shall mature not ~ ~ later than the respective dates estimated by the County when the moneys in said funds shall be l2 needed for the purposes provided in this Agreement, but should the cash balance in a fund be 13 insufficient for such a purpose, the Trustee is authorized to sell the necessary portion of such l4 investments to meet that purpose. All investments shall be deemed a part of the fund from w~hich the 15 moneys used to acquire the investment were acquired, and all profits and losses shall be credited or 16 charged to said fund. l7 I8 The Trustee may make any and all such investments through its own trust or investment l9 department, or through any of its affiliates or subsidiaries. The Trustee may act as principal or agent 30 in the making or disposing of any investment hereunder. The Trustee shall furnish to the County 2l periodic statements of account which include detail of all investment transactions made by the 22 Trtistee hereunder. -,; 2d SECTION ~02. ARBITRAGE CERTIFICATE COVENANT. The County hereby covenants with 35 the Owners of any Tax-Exempt Obligations issued hereunder that it will make no use of the proceeds ?6 of the Tax-E~empt Obligations, or any other funds which may be deemed to be proceeds of the Tax- ?7 EYempt Obligations pursuant to the Code, which if such use had been reasonably eYpected on the 28 date of issuance of the Tax-Exempt Obligations, would have caused the Tax-Exempt Obligations 29 to be "arbitra~e bonds" within the meaning of the Code, and will comply with the requirements of 30 the Code throughout the term of the T~-Exempt Obligations in order to preserve their status as TaY- 3~ Exempt Obligations. The Trustee covenants that, while recognizing that investment of Ta~-Exempt 32 Obligation proceeds will be at the direction of the County, should the County file with the Trustee. 33 or should the Trustee receive an Opinion of Bond Counsel, to the effect that any proposed 3~t investment or other use of proceeds of the Tax-Exempt Obligations would cause the Tax-Exempt 35 Obligations to become "arbitrage bonds." then the Trustee will comply with any instructions of the 36 County or Certificate Counsel regarding such investment or use so as to prevent the Tax-Exempt 37 Obligations frorn becoming ``arbitrage bonds." ~s 39 FINANCING AND TRUST AGREEMENT P.aGE 3G