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Delano Joint HSD  |  E  3430  Business and Noninstructional Operations

Permitted Investments (from 1996-97 Cash Reserve Program Indenture)   

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Permitted Investments means any of the following to the extent then permitted by law and approved by the applicable Credit Provider or Contingency Credit Provider, a appropriate:

1. United States of America Treasury bills, notes, bonds or certificates of indebtedness, or obligations of, or obligations guaranteed directly or indirectly as to full and timely payment, by the United States of America or securities or other instruments evidencing ownership interest in such obligations and rated in the highest applicable rating category by the Rating Agency then rating the applicable Series Pool Bonds or in specified portions of the interest on or principal of such obligations stripped at Treasury level;

2. Any obligations which are then legal investments for moneys of the districts under the laws of the State of California; provided, that if such investments are not fully insured by the Federal Deposit Insurance Corporation, such investments shall be, or shall be issued by entities the debt securities of which are, rated in the highest short-term (with regard to any modifiers) or one of the two highest long-term rating categories by Moody's Investors Service and Standard and Poor's Ratings Group (or whichever one of them is then rating the applicable Series Pool Bonds);

3. Units of a money-market fund portfolio composed solely of obligations guaranteed by the full faith and credit of the United States of America assuring full return of the principal amount invested in such fund rated in one of the two highest rating categories by Moody's Investors Service and Standard and Poor's Ratings Group (or whichever one of them is then rating the applicable Series Pool Bonds);

4. The applicable Series Pool Investment Agreement or applicable Series Contingency Investment Agreement or, with the consent of the applicable Series Credit Provider or Series Contingency Credit Provider, as appropriate, any substitute therefor (which substitution results in a maintenance of the original rating on the applicable Series Pool Bonds); provided such agreement is with a financial entity whose senior debt is rated in one of the two highest long-term rating categories by Moody's Investors Service and Standard and Poor's Ratings Group (or whichever one of them is then rating the applicable Series Pool Bonds) or whose commercial paper rating is in the highest rating category (with regard to any modifiers) of each such rating agencies (or whichever one of them is then rating the applicable Series Pool Bonds) or is fully collateralized by investments listed in subsection (1) hereof as required by Standard and Poor's Ratings Group and Moody's Investors Service (or whichever one of them is then rating the applicable Series Pool Bonds) to be rated in one of the two highest rating categories.

5. Any other prudent investment rated in one of the two highest rating categories by Moody's Investors Service and Standard and Poor's Ratings Group (or whichever one of them is then rating the applicable Series Pool Bonds) approved by the applicable Series Credit Provider or Series Contingency Credit Provider, as appropriate, and the Authority;

6. The Local Agency Investment Fund managed by the office of the Treasurer of the State of California or

7. Any County Treasury of a County in which the district whose proceeds by the applicable County Treasurer is made in compliance with California Government Code Section 53601.

FORM OF INVESTMENT REPORT

FOR 1995 CASH RESERVE PROGRAM

Type of Investment: Guaranteed Investment Contract

Issuer of Investment: AIG Matched Funding Corporation

Guarantor of the Investment: AIG (American International Group, Inc.)

Date of Maturity: July 1, 1996

Dollar Amount: See Attached Monthly Report

Current Market Value: 100%

Liquidity: Dollars are 100% available for cash flow purposes until the sinking fund payments are due under the terms of the notes.

DELANO JOINT UNION HIGH SCHOOL DISTRICT

Delano, California