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<br />(9) any other investments permitted under Florida law and acceptable to the Bank. <br /> <br />(c) "Bank" shall mean SunTrust Bank, Miami, N.A, the initial Bondholder. <br /> <br />(d) "Bond Counsel" shall mean any firm of nationally recognized bond counsel selected by <br />the City and acceptable to the Bank. <br /> <br />( e) "City" shall mean the City of Sunny Isles Beach, Florida, a municipal corporation in the <br />County of Miami-Dade, State of Florida, and its successors and assigns. <br /> <br />(t) "City Commission'''' shall mean the duly constituted governing body of the City. <br /> <br />(g) "Code" shall mean the Internal Revenue Code of 1986, as amended, the applicable <br />Treasury Regulations promulgated thereunder and any administrative or judicial interpretations of the <br />same published in a form on which the City may rely as a matter oflaw. <br /> <br />(h) "Debt Service Fund" shall mean the Sunny Isles Beach Subordinated Utilities Tax <br />Revenue Bond Debt Service Fund, created and established pursuant to this Ordinance and which is the <br />fund in which the Pledged Revenues shall be deposited by the City for the payment of the 1998 Bond in <br />accordance with the provisions hereof <br /> <br />(i) <br />securities: <br /> <br />"Defeasance Obligations" shall mean, to the extent permitted by law, the following <br /> <br />(1) U.S. Obligations; <br /> <br />(2) Any bonds or other obligations of any state ofthe United States of America or <br />of any agency, instrumentality or local governmental unit of any such state (i) which are not <br />callable prior to maturity or as to which irrevocable instructions have been given to the trustee <br />of such bonds or other obligations by the obligor to give due notice of redemption and to call <br />such bonds for redemption on the date or dates specified in such instructions, (ii) which are <br />secured as to principal and interest and redemption premium, if any, by a fund consisting only <br />of cash or bonds or other obligations of the character described in clause (1) hereof which fund <br />may be applied only to the payment of such principal of and interest and redemption premium, <br />if any, on such bonds or other obligations on the maturity date or dates thereof or the <br />redemption date or dates specified in the irrevocable instructions referred to in subclause (i) of <br />this clause (2), as appropriate, and (ill) as to which the principal of and interest on the bonds <br />and obligations of the character described in clause (1) hereof which have been deposited in <br />such fund along with any cash on deposit in such fund are sufficient to pay principal of and <br />interest and redemption premium, if any, on the bonds or other obligations described in this <br />clause (2) to and including the maturity date or dates thereof or to and including the <br />redemption date or dates specified in the irrevocable instructions referred to in subclause (i) of <br />this clause (2), as appropriate; <br /> <br />(3) Evidences of indebtedness issued by the Federal Home Loan Banks, Federal <br />Home Loan Mortgage Corporation (including participation certificates), Federal Financing <br />Banks, or any other agency or instrumentality of the United States of America created by an <br />act of Congress provided that the obligations of such agency or instrumentality are <br />unconditionally guaranteed by the United States of America or any other agency or <br />instrumentality of the United States of America or of any corporation wholly-owned by the <br />United States of America; and <br /> <br />4 <br />