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<br />"Trust Fund". Bond proceeds may be deposited in the "Trust <br />Fund" until alternative investments have been purchased. <br /> <br />B. Government Securities <br /> <br />3. Authority to Purchase <br /> <br />The Finance Director or designee may invest in negotiable <br />direct obligations of the U.S. Government. Such securities <br />will include the following: <br /> <br />Direct Obligations: <br /> <br />1 Treasury Bills <br />2 Treasury Notes <br />3 Treasury Bonds <br /> <br />4. P0l1folio composition <br /> <br />The portfolio may be comprised of 100% direct government <br />obligations including the securities held under overnight <br />repurchase agreements. <br /> <br />5. Maturity Limitations <br /> <br />The maximum length to maturity of any direct investment in <br />government obligations is five (5) years. <br /> <br />C. Federal Agencies <br /> <br />6. Authority to Purchase <br /> <br />The Finance Director or designee may invest in obligations <br />the principal and interest of which are unconditionally <br />guaranteed by the U.S. Government and issued through <br />Federal agencies. Such securities will include but not be <br />limited to: <br /> <br />Government National Mortgage Association (GNMA) <br /> <br />Page 6 of 12 <br />