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SECTION 606. Investment of Money in Certain Accounts.

Money held in the Reserve Account shall be invested as follows:

• (a) In Government Obligations maturing within three (3) years from the date of investment.
• (b) In repurchase agreements for Government Obligations or investment agreements continuously secured by Government Obligations with any bank, trust company or dealer in government bonds which reports to, trades with and is recognized as a primary dealer by a Federal Reserve Bank, and which has outstanding indebtedness that is then rated by Moody's in a rating category not less than Baa3 or P-3, if such Government Obligations are delivered to the State Treasurer or are supported by a safekeeping receipt issued by a depository designated by the State Treasurer and if such repurchase and investment agreements provide that the value of the underlying Government Obligations shall continuously be maintained at a current market value of not less than their purchase price; or
• (c) In investment agreements with any bank or trust company which has outstanding indebtedness or has issued a letter of credit or other credit facility that constitutes the primary security for indebtedness that is then rated by Moody's in a rating category at least as high as the short-term rating category on the Bonds;

provided, however, that at all times prior to the Fixed Rate Date an amount equal to the Investment Requirement shall be invested (i) in Government Obligations maturing within the Maturity Requirement or (ii) as provided in paragraphs (b) and (c) of this Section.

Repurchase and investment agreements contemplated under (b) and (c) above must provide that moneys under such agreements may be drawn at any time.