Agenda - 03-02-2006-8bTA - Laserfiche WebLink

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(d) The Trustee will not be responsible or liable for any loss suffered in connection with any investment of funds made by it in accordance lvith this Section. (e} Moneys u~•ill be invested in Permitted Investments having maturities not extending beyond the date on which the County estimates such moneys are to be needed for their intended purposes. Investments will be considered as maturing on the date on which they are redeemable without penalty at the holder's option or the date on which the Trustee may require their repurchase without penalty pursuant to a repurchase agreement. Section 6.02. Held in Trust. The moneys and investments held by the Trustee under this Trust Agreement are irrevocably held in trust for the benefit of the O~~Tners, and such mone~rs, and an~j income or interest earned thereon, will be expended only as provided in this Trust Agreement, and will not be subject to levy or attachment or lien by or for the benefit of any creditor of the Company, the Trustee or the County. Section 6.03. Investments Part of Fund. Any income, profit or loss on the investment of moneys held by the Trustee hereunder uTill be credited to the respective fund to which such moneys are credited, except as otherwise provided herein. Section 6.04. Accounting. The Trustee will furnish to the County, not less frequently than monthhT, an accounting of all investments made by the Tnistee in all funds and accounts held by the Tnistee. Such accounting may be supplied in the form of the Trustee's customary statements. The Trustee u~•ill keep accurate records of all funds admiiustered by it and of all Certificates paid and discharged. Section 6.05. Valuation. For the purpose of determining the amount on deposit in any Fund or Account held under this Trust Agreement, the Trustee ~~Till ~Talue all Permitted Investments credited to such Fund or Account at the market value thereof. Such valuations will be made at least every six months and at such additional times as the County may request, but in no event more frequently than monthly. Section 6.06. Disposition. The Trustee will sell, or present for redemption, and reduce to cash any Permitted Investment in a Fund or Account at. the best price obtainable whenever the cash balance in such Fund or Account is insufficient for the purposes thereof. Section 6.07. Commingling of Moneys in Funds. The Trustee, at its sole discretion and upon a County Representative's appro~Tal, may commingle any J3362v2 20