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fund or account held hereunder, all Permitted Investments or investments credited to such fund <br />or account shall be valued at the cost thereof (excluding accrued interest and brokerage <br />commissions, if any). <br />The Fiscal Agent shall be entitled to rely conclusively upon the written instructions of the <br />City directing investments in Permitted Investments as to the fact that each such investment is <br />permitted by the laws of the State, and shall not be required to make further investigation with <br />respect thereto. With respect to any restrictions contained in the definition of Permitted <br />Investments which embody legal conclusions (e,g., the existence, validity and perfection of <br />security interests in collateral), the Fiscal Agent shall be entitled to rely conclusively on an <br />opinion of counsel obtained at the City's expense. <br />Subject in all respects to the provisions of Section 6.02 hereof, investments in any and all <br />Surds and accounts may be commingled in a single fund for purposes of malting, holding and <br />disposing of investments, notwithstanding provisions herein for transfer to or holding in or to the <br />credit of particular funds or accounts of amounts received or held by the Fiscal Agent hereunder, <br />provided that the Fiscal Agent shall at all times account for such investments strictly in <br />accordance with the fiords and accounts to which they are credited and otherwise as provided in <br />this Agreement. <br />The Fiscal Agent shall sell or present for redemption any investment security whenever it <br />shall be necessary to provide moneys to meet any required payment, transfer, withdrawal or <br />disbursement from the fund or account to which such investment security is credited, and the <br />Fiscal Agent shall not be liable or responsible for any loss resulting from the acquisition or <br />disposition of any such investment security in accordance herewith. <br />The City acknowledges that notwithstanding regulations of the Comptroller of the <br />Currency or other applicable regulatory entity may grant the City the right to receive brokerage <br />confirmations of securities transactions as they occur, the City agrees that the Fiscal Agent shall <br />not send such confirmations to the City to the extent permitted by law. The Fiscal Agent shall <br />furnish the City periodic cash transaction statements which will include detail for all investment <br />transactions made by the Fiscal Agent hereunder. <br />Section 6,02 Rebate Fund; Rebate to the United States. There is hereby created, to be <br />held by the Fiscal Agent, as a separate fund distinct from all other funds and accounts held by the <br />Fiscal Agent under this Agreement, the Rebate Fund. The Fiscal Agent shall, in accordance with <br />written directions received from an Authorized Officer, deposit into the Rebate Fund moneys <br />transferred by the City to the Fiscal Agent pursuant to the Rebate Certificate or moneys <br />transferred by the Fiscal Agent from the Reserve Fund. The Rebate Fund shall be held either <br />uninvested or invested only in Federal Securities at the written direction of the City. Moneys on <br />deposit in the Rebate Fund shall be applied only to payments made to the United States, to the <br />extent such payments are required by the Rebate Certificate. The Fiscal Agent shall, upon <br />written request and direction of the City, make such payments to the United States. <br />The Fiscal Agent's sole responsibilities under this Section 6.02 are to follow the written <br />instructions of the City pertaining hereto, The City shall be responsible for any fees and <br />expenses incurred by the Fiscal Agent pursuant to this Section 6.02. <br />_27_ <br />55B -47 <br />