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obligations which are unconditionally guaranteed by the United <br />States of America, or by obligations of the State of Florida or <br />any political subdivision of said State, provided that such obli- <br />gations are permitted by Florida law as investments for political <br />subdivision and provided that said obligations are rated by Moody's, <br />Standard and Poors or some other bond rating agency of national <br />reputation as being of investment quality and among the top four <br />ratings granted by such rating agency. <br />1.12. "Principal paying agent" when used with reference <br />to the Bonds herein authorized means a bank to be named as such by <br />supplemental resolution prior to delivery of any Bonds. <br />1.13. Provision shall be deemed made for the payment of <br />any obligation when: <br />1.131. It is cancelled because of payment of or redemp- <br />tion prior to maturity; or <br />1.132. Cash funds for the payment of redemption of such <br />obligation shall have been theretofore deposited with a pay- <br />ing agent for such obligation (whether upon or prior to <br />maturity or redemption date of such obligation); provided <br />that if such obligation is.to be redeemed prior to maturity, <br />notice of such redemption shall have been given or arrange- <br />ments satisfactory to such paying agent shall have been made <br />for the giving of such notice, or waiver of such notice shall <br />have been filed with a paying agent by the holders of all <br />obligations to be redeemed; and either - <br />SM <br />