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<br />Section 7.02. Initial Deposits. <br /> <br />On the Closing Date, the City shall cause the proceeds from the sale of the <br />Certificates to be deposited as follows: <br /> <br />(i) first, all accrued interest on the Certificates from the <br />Original Issue Date until the Closing Date and premium, if any, shall be <br />deposited to the credit of the Interest and Sinking Fund; <br /> <br />(ii) second, the remaining balance shall be deposited to the credit <br />of the Construction Fund; <br /> <br />Section 7.03. Interest and Sinking Fund. <br /> <br />(a) The taxes levied under Section 2.01 of this Ordinance and the Surplus <br />Revenues shall be deposited to the credit of the Interest and Sinking Fund at such <br />times and in such amounts as necessary for the timely payment of the principal of <br />and interest on the Certificates. <br /> <br />(b) If the amount of money in the Interest and Sinking Fund is at least <br />equal to the aggregate principal amount of the outstanding Certificates plus the <br />aggregate amount of interest due and that will become due and payable on such <br />Certificates, no further deposits to that fund need be made. In determining the <br />aggregate principal amount of outstanding Certificates, there shall be subtracted <br />the amount of any Certificates that have been duly called for redemption and for <br />which money has been deposited with the Paying Agent/Registrar for such <br />redemption. <br /> <br />(c) Money on deposit in the Interest and Sinking Fund shall be used to pay <br />the principal of and interest on the Certificates as such become due and payable. <br /> <br />ARTICLE VIII <br />INVESTMENTS <br /> <br />Section 8.01. Investments. <br /> <br />(a) Money in each fund created by this Ordinance, at the option of the <br />City, may be invested in such securities or obligations as permitted under applicable <br />law. <br /> <br />(b) Any securities or obligations in which money is so i.nvested shan be <br />kept and held in trust for the benefit of the Certificateholders and shall be sold and <br />the proceeds of sale shall be timely applied to the making of all payments required <br />to be made from the fund from which the investment was made. <br /> <br />1434f <br /> <br />-22- <br />