Agenda - 11-16-1993 - VIII-A (2)

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• proceeds of the Bonds); provided however, that the portion of such certificates of deposit in excess of the amount insured by the Federal Deposit Insurance Corporation,if any,shall be secured by deposit with the Federal Reserve Bank of Charlotte, North Carolina, or with any national or state bank located within the State, of any of the obligations included in (i), (ii), (iii), (iv) or (v) above; (vii) any bonds or other obligations of any state of the United States or of any agency, instrumentality or local governmental unit of such state which are rated "A" or better by Moody's or S&P; (viii) shares of a tax exempt Money Market Fund which is restricted by its terms to investment in obligations which are not subject to the federal alternative minimum tax and which carry the highest short-term rating of Moody's or S&P; and (ix) any other investments permitted by the law of the state for the investment of public funds which has approved in writing and which meet the requirements for the highest rating category of Moody's, if the Bonds are rated by Moody's or S&P. "Person"or "person"means natural persons,firms, associations,corporations and public bodies. "Project" means the Community Activity Center, which includes [DESCRIPTION ON PROJECT] and the land on which it is built. "Record Date" means the 15th calendar day (whether or not a Business Day) of the month immediately preceding an Interest Payment Date. "Registrar"means the financial institution serving as Paying Agent. "Reserve Fund" means the fund created pursuant to Section 5.05. "Reserve Requirement"means the lesser of(a) the Maximum Annual Debt Service on Outstanding Bonds, (b) 125% of the Average Annual Debt Service on Outstanding Bonds or (c) $ "Revenues"means all receipts,revenues, income,gifts and other moneys received by or on behalf of the Corporation from the ownership, operation or disposition of the Project or any Improvements and all rights to receive the same whether in the form of accounts receivable, contract rights, chattel paper, instruments, general intangibles or other rights and the proceeds thereof and of any insurance thereon or condemnation or similar awards, whether now existing or hereafter coming into existence and whether now owned or held or hereafter acquired by the Corporation and all amounts received or receivable from the investment of deposit of moneys in any fund under the Indenture; provided, however, that there is excluded from "Revenues" gifts, grants, bequests, donations and contributions heretofore or hereafter made, designated at the time of making thereof by the donor or maker as being for certain specified purposes inconsistent with the application thereof to the payment of amounts due under this Indenture and any income derived therefrom to the extent required by such designation or restrictions. "S&P"means Standard&Poor's Ratings Group, a corporation organized and existing under the laws of the State of New York, its successors and their assigns, and, if such corporation for any reason no longer performs the function of a securities rating agency, "S&P" will be deemed to refer to any nationally recognized securities rating agency other than Moody's designated by the Corporation. F' "Site" means [DESCRIBE]. "State"means the State of North Carolina. I.;