86-93 AUTHORIZING THE EXECUTION AND DELIVERY OF A FIRST SUPPLEMENTAL TRUST INDENTURE IN CONNECTION WITH THE OUTSTANDING SINGLE FAMILY MORTGAGE REVENUE BONDS, 1979 SERIES A

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pendent third party acting solely as agent for the bond trustee, and such third party is (a) a Federal Reserve Bank, (b) a bank which is a member of the Federal Deposit Insurance Corporation and which has combined capital, surplus and undivided profits of not less than $25 million, or (c) a bank approved in writing for such purpose by Financial Guaranty Insurance Company, and the bond trustee shall have received written confirmation from such third party that it holds such securities, free of any lien, as agent for the bond trustee, and (c) a perfected first security interest under the Uniform Commercial Code, or book entry proce- dures prescribed at 31 CFR 306.1 et seq. or 31 CFR 350. 0 et seq. ' in such securities is created for the benefit of the Trustee, and ! (d) the repurchase agreement has a term of thirty days or less, � or the bond trustee will value the collateral securities no less frequently than monthly and will liquidate the collateral securi- ties if any deficiency in the required collateral percentage is not restored within two business days of such valuation, and (e) the repurchase agreement matures at least ten days (or other appropriate liquidation period) prior to a debt service payment date, and (f) the fair market value of the securities in relation to the amount of the repurchase obligation, including principal and interest , is equal to at least 100�; and (vii) investment agreements with a bank or insurance company which has an unsecured, uninsured and unguaranteed obligation (or claims- paying ability) rated "Aa3" or better by Moody' s Investors Service, Inc. and "AA-" or better by Standard & Poor ' s Corporation, or is the lead bank of a parent bank holding company with an uninsured, unsecured and unguaranteed obligation meeting such rating requirements, provided: (a) the term and provider of the agreement are specifically approved by Financial Guaranty Insurance Company, and (b) interest is paid at least semi- annually at a fixed rate during the entire term of the agreement, consistent with bond payment dates, and (c) moneys invested thereunder may be withdrawn without any penalty, premium, or charge upon not more than one day' s notice (provided such notice may be amended or canceled at any time prior to the withdrawal date� , and (d) the agreement is not subordinated to any other obligations of such insurance company or bank, and (e) the same guaranteed interest rate will be paid on any future deposits made to restore the reserve to its required amount, and (f) the bond trustee receives an opinion of counsel that such agreement is an enforceable obligation of such insurance company or bank. • "Policy Issuance" means the date when the Bond Insu- rance Policy is issued by the Bond Insurer and delivered to the Custodian. "Qualified Insurer" means any properly licensed insu- rance company, approved by the Bond Insurer , which is qualified to do business in and write the applicable form of insurance in -7-