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1 <br /> l - <br /> shall be invested at a yield not in excess of the yield <br /> on the bond or invested in tax-exempt obligations or <br /> United States Treasury-State and Local Government <br /> Series, Demand Deposit Securities. <br /> 9 . No portion of the proceeds of the bond and any <br /> amounts <br /> received from the investment of such proceeds will be used in the <br /> place of funds that are (a) now available or that will become <br /> p act or the <br /> available to the County to pay the costs of the Proj <br /> ance Expenses and (b) will be used directly or indirectly to <br /> Issu field on <br /> acquire obligations producing a yield in excess of the y <br /> the bond. <br /> 10. For purposes of this certificate, "yield" means that <br /> yield which when used in computing <br /> the present worth, based on <br /> annual computations of interest, of all payments of principal and <br /> interest to be paid on an obligation produces an amount equal to <br /> the purchase price of the obligation. The yield on obligations <br /> acquired with amounts described in paragraph 8 above and the <br /> yield on the bond shall be calculated by the use of the same <br /> frequency interval of compounding interest. For purposes of <br /> calculating the yield on the bond, the purchase price of the bond <br /> is the initial offering price of the bond to the public <br /> (excluding bond houses, brokers and other intermediaries) <br /> at <br /> which a substantial amount of the bond are sold to the public <br /> plus any accrued interest. Any investments acquired with amounts <br /> that may not be invested at an unrestricted yield pursuant to <br /> paragraph 8 above shall be purchased at prevailing market prices <br /> and shall be limited to securities for which there is an estab- <br /> lished market, tax-exempt obligations under Section 103 (a) <br /> of the <br /> Code or United States Treasury Securities-State and Local Govern- <br />