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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />as Fiscal Agent for the Bonds to assume the duties and obligations <br />of Fiscal Agent under the Administration Agreement. <br />Section 5. Investments. The proceeds of the Bonds and <br />the Special Taxes may be invested in an investment agreement or <br />guaranteed funding agreement satisfying the criteria set forth in <br />the Administration Agreement; and Rod Gunn & Associates, Inc., <br />Financial Consultant to the City with respect to the Bonds, is <br />hereby authorized and directed to solicit bids from qualifying <br />institutions for the investments of such moneys. The City Council <br />hereby determines that entering into such an investment agreement <br />will reduce the risk of interest rate fluctuations on investments <br />and reduce the overall cost of borrowing for the Community <br />Facilities District. <br />Section 6. Approval of Official Seal of the Community <br />Facilities District. The seal presented to the City at this <br />meeting, consisting of two concentric circles with the name of the <br />Community Facilities District imprinted between such circles and <br />the words "Established October 30, 1990" imprinted at the center <br />thereof, is hereby approved as the official seal of the Community <br />Facilities District, and shall be the seal which shall be imprinted <br />on the Bonds. <br />Section 7. Covenants. The covenants set forth in the <br />Administration Agreement to be executed in accordance with <br />Section 2 above shall be deemed to be covenants of the City Council <br />in its capacity of the legislative body of the Community Facilities <br />District. <br />-4- <br />