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<br />Paying Agent: Colorado National Bank, Denver, Colorado, or its successor, which <br />shall perform the function of paying agent as set forth in this Ordinance and the Paying Agent <br />Agreement. <br /> <br />Paying Agent Agreement: the Registrar and Paying Agent Agreement dated as of <br />December 1, 1994, between the City and the Paying Agent and Registrar. <br />Permitted Investments: any investments or deposits which are at the time permitted <br />by the laws of the State and applicable ordinances or other provisions of the City and which are <br />described in the following list: <br />1. (a) Direct obligations (other than an obligation subject to variation in principal <br />repayment) of the United States of America ("United States Treasury Obligations"), (b) obligations <br />fully and unconditionally guaranteed as to timely payment of principal and interest by the United <br />States of America, (c) obligations fully and unconditionally guaranteed as to timely payment of <br />principal and interest by any agency or instrumentality of the United States of America when such <br />obligations are backed by the full faith and credit of the United States of America, or (d) evidences <br />of ownership of proportionate interests in future interest and principal payments on obligations <br />described above held by a bank or trust company as custodian, under which the owner of the <br />investment is the real party in interest and has the right to proceed directly and individually against <br />the obligor and the underlying government obligations are not available to any person claiming <br />through the custodian or to whom the custodian may be obligated. <br />2. Federal Housing Administration debentures. <br />3. The listed obligations of government-sponsored agencies which are not <br />backed by the full faith and credit of the United States of America: <br />-Federal Home Loan Mortgage Corporation (FHLMC) <br />-Participation certificates (excluded are stripped mortgage securities which <br />are purchased at prices exceeding their principal amounts) <br />-Senior Debt obligations <br />-Farm Credit Banks (formerly: Federal Land Banks, Federal Intermediate Credit <br />Banks and Banks for Cooperatives) <br />-Consolidated system-wide bonds and notes <br />-Federal Home Loan Banks (FHL Banks) <br />-Consolidated debt obligations <br />-Federal National Mortgage Association (FNMA) <br /> <br />-4- <br />