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<br />(v) the agreement shall be for a term not longer than 270 days, and (vi) the failure to <br />maintain such collateral at the level required in (iii) above will require the City to <br />liquidate the collateral; <br /> <br />(7) money market funds rated in the highest rating category of either Standard <br />& Poor's or Moody's Investors Service, or any successor thereto; <br /> <br />(8) investments in the Local Government Surplus Funds Trust Fund <br />established pursuant to Part IV of Chapter 218, Florida Statutes, as amended, or any <br />successor trust fund established for the investment of surplus municipal funds; and <br /> <br />(9) any other investments permitted under Florida law and acceptable to the <br /> <br />Bank. <br /> <br />(c) "Bank" shall mean Branch Banking and Trust Company, the initial Bondholder. <br /> <br />(d) "Bond Counsel" shall mean any firm of nationally recognized bond counsel <br />selected by the City and acceptable to the Bank. <br /> <br />(e) "City" shall mean the City of Sunny Isles Beach, Florida, a municipal corporation <br />in the 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 <br />applicable Treasury Regulations promulgated thereunder and any administrative or judicial <br />interpretations of the same published in a form on which the City may rely as a matter oflaw. <br /> <br />(h) "Defeasance Obligations" shall mean, to the extent permitted by law, the <br />following securities: <br /> <br />(1) U.S. Obligations; <br /> <br />(2) Any bonds or other obligations of any state of the United States of <br />America or of any agency, instrumentality or local governmental unit of any such state (i) <br />which are not callable prior to maturity or as to which irrevocable instructions have been <br />given to the trustee of such bonds or other obligations by the obligor to give due notice of <br />redemption and to call such bonds for redemption on the date or dates specified in such <br />instructions, (ii) which are secured as to principal and interest and redemption premium, <br />if any, by a fund consisting only of cash or bonds or other obligations of the character <br />described in clause (1) hereof, which fund may be applied only to the payment of such <br />principal of and interest and redemption premium, if any, on such bonds or other <br />obligations on the maturity date or dates thereof or the redemption date or dates specified <br />in the irrevocable instructions referred to in subclause (i) of this clause (2), as <br />appropriate, and (iii) as to which the principal of and interest on the bonds and <br />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 <br /> <br />Auth. the Issuance of a Stormwater Utility Rev. Bond 5 <br />Series 2010 $3,500,000 <br />MIA 181,312,776v4 7-8-10 <br />