(A) Any moneys held as a part of the funds and accounts created by this subchapter shall be invested and reinvested by the Commission, the depository bank, or such other bank or national banking association holding such fund or account, as the case may be, at the direction of the issuer in any qualified investments to the fullest extent possible under applicable laws and this subchapter, the need for such moneys for the purposes set forth herein and the specific restrictions and provisions set forth in this section.
(B) Except as specifically provided herein, any investment shall be held in and at all times deemed a part of the fund or account in which such moneys were originally held, and the interest accruing thereon and any profit or loss realized from such investment shall be credited or charged to the appropriate fund or account. The investments held for any fund or account shall be valued at the lower of cost or then current market value, or at the redemption price thereof if then redeemable at the option of the holder, including the value of accrued interest and giving effect to the amortization of discount, or at par if such investment is held in the “Consolidated Fund”. The Commission, the depository bank, or such other bank or national banking association, as the case may be, shall sell and reduce to cash a sufficient amount of such investments whenever the cash balance in any fund or account is insufficient to make the payments required from such fund or account, regardless of the loss on such liquidation. The depository bank or such other bank or national banking association, as the case may be, may make any and all investments permitted by this section through its own bond department and shall not be responsible for any losses from such investments, other than for its own negligence or willful misconduct.
(C) The depository bank shall keep complete and accurate records of all funds, accounts, and investments, and shall distribute to the issuer, at least once each year, or more often as reasonably requested by the issuer, a summary of such funds, accounts, and investment earnings. The issuer shall retain all such records and any additional records with respect to such funds, accounts, and investment earnings so long as any of the notes are outstanding and as long thereafter as necessary to assure the exclusion of interest on the Series 3998 B Notes from gross income for federal income tax purposes.
(Ord. passed - -)