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J unconditionally guaranteed by, the United States of America, having a market value at least equal to such cash balances. ARTICLE IV LIMITkTION ON INVESTMENTS Section 4.01. _General. Except as herein otherwise expressly provided, the Escrow Agent shall not have any ;power or duty to invest any money held hereunder; or to make substitutions of the Escrowed Securities; or to sell Transfer or otherwise dispose of the Escrowed Securities. In particular, except as provided in Sections 4.02 and 4.03 .__.Dw, cash balances on deposit in the Escrow Fund shall not be reinvested or bear interest, and the Escrow Agent shall be entitled to retain any benefit from the "float" (if any) resulting therefrom as additional compensation for its services hereunder. Section 4.02. Reinvestment of Certain Cash Balances in Escrow by Escrow. The Escrow Agent proceeds of the Escrowed Securities escrowed securities, at such times, such terms and bearing interest at provided in the Exhibit purchased, shall also constitute hereunder. shall reinvest certain in certain additional in such amounts, for 0 °0, all as more fully Such securities, when Escrowed Securities Section 4.03. Substitution of Securities. At the written request of the Issuer, and upon compliance with the conditions hereinafter stated, the Escrow Agent shall utilize cash balances in the Escrow Fund, or sell, transfer, therwise dispose of or request the redemption of the Escrowed Securities and apply the proceeds therefrom to purchase Refunded Bonds or direct obligations of, or obligations the principal of and interest on which is unconditionally guaranteed by, the United States of America which do not permit the redemption thereof at the option of the obligor, and in connection therewith the Issuer reserves the right to call for redemption prior to maturity any of the Refunded Bonds to the extent permitted by their authorizing ordinances. Any such transaction may be effected by the Escrow Agent only if (a) the Escrow Agent shall have received a written opinion from a nationally recognized firm of certified public accountants that such transaction will not cause the amount of money and securities in the Escrow Fund to be reduced below an amount sufficient to provide for the full and timely payment of principal of, redemption premium on and interest on all of the remaining Refunded Bonds as they become due, taking into account any optional redemption thereof exercised by the Issuer in connection with such transaction; and (b) the Escrow agent shall have received the unqualified written legal opinion of nationally recognized bond counsel or tax counsel to the effect that such transaction will not cause the Refunded Bonds or Refunding Bonds to be "arbitrage bonds" within the meaning of Section 103 (c ) of the Code. Section_ 4.0_4_. Arbitrage. The Issuer hereby covenants and agrees that it shall never request the Escrow Agent to exercise any power hereunder or permit any part of the money in the Escrow Fund or proceeds from the sale of Escrowed Securities to be used directly or indirectly to acquire any securities or obligations if the exercise of such power or the acquisition of such securities or obligations would cause the Refunded Bonds or the Refunding Bonds to be "arbitrage bonds" within the meaning of Section 103(c) of the Code. 9