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<br />9. Pre-refunded municipal obligations rated "AAA" by Standard & Poor's <br />Ratings Group and "Aaa" by Moody's Investors Service meeting the following requirements: <br />A. the municipal obligations are (1) not subject to redemption prior to maturity <br />or (2) the trustee for the municipal obligations has been given irrevocable instructions <br />concerning their call and redemption and the issuer of the municipal obligations has <br />covenanted not to redeem such municipal obligations other than as set forth in such <br />instructions; <br />B. the municipal obligations are secured by cash or United States Treasury <br />Obligations which may be applied only to payment of the principal of, interest and <br />premium on such municipal obligations; <br />C. the principal of and interest on the United States Treasury Obligations (plus <br />any cash in the escrow) has been verified by the report of independent certified <br />public accountants to be sufficient to pay in full all principal of, interest, and <br />premium, if any, due and to become due on the municipal obligations <br />("Verification"); <br />D. the cash or United States Treasury Obligations serving as security for the <br />municipal obligations are held by an escrow agent or trustee in trust for owners of the <br />municipal obligations; <br />E. no substitution of a United States Treasury Obligation shall be permitted <br />except with another United States Treasury Obligation and upon delivery of a new <br />Verification; and <br />F. the cash or United States Treasury Obligations are not available to satisfy any <br />other claims, including those by or against the trustee or escrow agent. <br />10. Repurchase agreements: with (1) any domestic bank the long term debt of <br />which is rated "AA" or better by S&P and "Aa" by Moody's; (2) any foreign bank the long term debt <br />of which is rated at least "AA" by S&P and "Aa" by Moody's; (3) any broker-dealer with "retail <br />customers" which has, or the parent company (which guarantees the broker-dealer) of which has, <br />long-term debt rated at least "AA" by S&P and "Aa" by Moody's, which broker-dealer falls under <br /> <br />-6- <br />