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1f2.29. "Paying Agent" means each of the Paying <br />Agents designated when each series of Bonds is authorized, and <br />thMsir successors. <br />1.2.3.. "Permitted Encumbrances" means, as of any <br />particular time: <br />~a} liens for ad valorem taxes, if any, not then <br />delinquent; <br />(b} this Ordinance; <br />~c} utility, access and other easements and rights <br />of way, restrictions and exceptions that will not interfere <br />with or impair the operations being conducted at the Airport; <br />~d} mechanic's, materialperson's, and other liens as <br />and to the extent permitted by and referred to in Section <br />5.2.13 hereof; <br />fie} any encumbrances which are of record prior to <br />the date of delivery of the Series 1988 Bands; <br />~~f} any lease relating to the Airport in existence <br />on the date the Series 1988 Bonds are sold and delivered; and <br />tg} such minor defects, irregularities, <br />encumbrances, easements, rights of way, and clouds vn title <br />as normally exist with respect to properties similar in <br />character to the Airport and as do not, in the opinion of <br />counsel who may be of counsel to the City} materially impair <br />the use of the property affected thereby for the purpose for <br />which it was acquired or is held by the City, <br />1.2.31. "Permitted Investments" means any of the <br />following which, at the time of investment, are legal investments <br />for the City under the laws of the State of Oregon. <br />1.2.31.1. Direct and general obligations of the United <br />States of America, or obligations that are unconditionally <br />guaranteed as to principal and interest by the United States of <br />America, including din the case of direct and general obligatians <br />of the United States of America} evidences of ownership of <br />proportionate interests in future interest or principal payments <br />of such obligations,, Investments in such proportionate interests <br />must be limited to circumstances wherein ~a} a bank or trust <br />company acts as custodian and holds the underlying United States <br />obligations; 4b} the owner of the investment is the real party in <br />interest and has the right to proceed directly and individually <br />against the obligor of the underlying United States obligations; <br />and ~c} the underlying United States obligations are held in a <br />special account, segregated from the custodian's general assets, <br />Page 8 - Ordinance <br />