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"Authorized Developer Representative" means a Person or Persons designated by the <br /> Developer in a written instrument signed by the member(s), manager(s) or other appropriate <br /> officer(s) of the Developer, as applicable, and containing the specimen signature of each such <br /> designee. <br /> "Authorized Investments" means any of the following which at the time of investment are <br /> legal investments under the laws of the State for the moneys proposed to be invested therein: <br /> (a) Direct obligations of the United States of America (including obligations issued or <br /> held in book-entry form on the books of the Treasury Department, and CATS and TIGRS) or <br /> obligations the principal of and interest on which are unconditionally guaranteed by the United States <br /> of America("Direct Obligations"); <br /> (b) Bonds, debentures, notes or other evidence of indebtedness issued or guaranteed by <br /> any of the following federal agencies and provided such obligations are backed by the full faith and <br /> credit of the United States of America (stripped securities are only permitted if they have been <br /> stripped by the agency itself): <br /> (i) U.S. Export-Import Bank ("Eximbank") - direct obligations or fully <br /> guaranteed certificates of beneficial ownership, <br /> (ii) Farmers Home Administration ("FmHA") - certificates of beneficial <br /> ownership, <br /> (iii) Federal Financing Bank, <br /> (iv) Federal Housing Administration debentures ("FHA"), <br /> (v) General Services Administration - participation certificates, <br /> (vi) Government National Mortgage Association ("GNMA" or "Ginnie Mae") - <br /> GNMA-guaranteed mortgage-backed bonds and GNMA-guaranteed pass-through <br /> obligations, <br /> (vii) U.S. Maritime Administration- guaranteed Title XI financings, and <br /> (viii) U.S. Department of Housing and Urban Development ("HUD") - project <br /> notes, local authority bonds, new communities debentures (U.S. government guaranteed <br /> debentures), and U.S. Public Housing Notes and Bonds (U.S. government guaranteed public <br /> housing notes and bonds); <br /> (c) Bonds, debentures, notes or other evidence of indebtedness issued or guaranteed by <br /> any of the following non-full faith and credit U.S. government agencies (stripped securities are only <br /> permitted if they have been stripped by the agency itself): <br /> (i) Federal Home Loan Bank System - senior debt obligations, <br /> (ii) Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac") - <br /> senior debt obligations, <br /> 3 <br />