reconvene regular meeting: 7:00 pm - Irvine Unified School District

“Note Resolutions” means the respective resolutions adopted by the governing
boards of the Districts and, where applicable (and if a respective county elected to do so), in the
case of school districts, community college districts and county boards of education that are not
fiscally accountable, the respective resolutions adopted by the county boards of supervisors, in
each case authorizing the issuance of the Notes and approving the execution and delivery of this
Trust Agreement and the Note Participations.
“Opinion of Counsel” means a written opinion of counsel of recognized national
standing in the field of law relating to municipal bonds, appointed by a majority of the Districts.
“Orange County Educational Investment Pool” means the Orange County
Educational Investment Pool administered by the Orange County Treasurer for the deposit of
school district and community college district funds.
“Outstanding,” when used as of any particular time with reference to Note
Participations, means (subject to the provisions of Section 9.02) all Note Participations except —
(1) Note Participations cancelled by the Trustee or surrendered to the Trustee
for cancellation;
(2) Note Participations paid or deemed to have been paid within the meaning
of Section 10.01; and
(3) Note Participations in lieu of or in exchange or substitution for which
other Note Participations shall have been executed and delivered by the Trustee
hereunder.
“Owner” means the registered owner of any Outstanding Note Participation.
“Payment Accounts” means the subaccounts created in the Note Participation
Payment Fund under Section 3.02.
by law:
“Permitted Investments” means any of the following to the extent then permitted
(1) United States of America Treasury bills, notes, bonds or certificates of
indebtedness, or obligations for which the full faith and credit of the United States of
America are pledged for the payment of interest and principal;
(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 or one of the two highest long-term rating categories by Moody’s Investors
Service and Standard & Poor’s Ratings Services, including any fund for which the
Trustee, or any of its affiliates provides management, advisory, or sponsorship service;
OHS West:260889233.1 4
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