Guam § 5 - and in the Tax Certificate.

§ 5. and in the Tax Certificate.

Moneys in all funds and accounts established under this

Indenture shall be invested in securities paying interest and

maturing not later than the dates on which it is estimated that such

moneys will be required by the Trustee or the Depositary.

All interest and other profit derived from such investments

shall be deposited at least monthly in the Revenue Fund, except

that interest and other profit derived from the investment of

moneys in the Construction Fund or the Rebate Fund shall be

retained in such respective fund, investments acquired as an

investment of moneys in any fund or account established under

this Indenture shall be credited to such fund or account. For the

purpose of determining the amount in any fund or account, except

the Rebate Fund, the amount of any obligation allocable to such

fund or account shall be equal to the purchase price of such

obligation (not including accrued interest, if any, paid on the

purchase of such obligation) plus the amount of any discount

below par accounting for any such discount ratably each year over

the term of such obligation (i.e., by dividing the amount of such

discount by the number of interest payments remaining to maturity

and by multiplying the amount so calculated by the number of

interest payment dates having passed since the date of purchase)

(in this Section called “amortized value”) provided, however, that

the amount of any accrued interest on any obligation shall be

credited to the Revenue Fund or to any fund or account to which

such amount or any portion thereof may have been transferred

from the Revenue Fund; and provided, further, that the amount of

any obligation in the Bond Reserve Fund shall be determined as

of the fifth day after each Principal Payment Date and shall be the

then current market value.

The Trustee or the Depositary may sell at the best price

obtainable, or present for redemption, any Investment Securities

so purchased whenever it shall be necessary in order to provide

moneys to meet any required payment, transfer, withdrawal or

disbursement from the fund or account to which such Investment

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Security is credited, and neither the Trustee nor the Depositary

shall be liable or responsible for any loss resulting from such

investment.