Ord 2007-008 - Laserfiche WebLink

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SectIOn 8 02 Interest and Slnkmg Fund. (a) The taxes levIed and revenues pledged under Article II shall be deposIted to the credIt of the Interest and Slnkmg Fund at such times and 10 such amounts as necessary for the timely payment of the pnncIpal of and Interest on the CertIficates (b) The proceeds of the Certificates representIng capItalized Interest on the CertIficates shall be deposIted to the credIt of the Interest and SInking Fund for the payment of mterest on the CertIficates (c) Money on depOSIt 10 the Interest and SinkIng Fund shall be used to pay the prInCIpal of and Interest on the CertIficates as such become due and payable, SectIOn 8 03 ConstructIOn Fund. (a) Money on depOSIt In the ConstructIOn Fund, IncludIng mvestlnent earnIngs thereof, shall be used for the purposes specIfied 10 SectIon 3 01 of thIS OrdInance (b) All alTlounts remaInIng 10 the ConstructIOn Fund after the accomplishment of the purposes for whIch the CertIficates are hereby Issued, IncludIng Investment earrungs of the ConstructIOn Fund, shall be depOSIted Into the Interest and SInkIng Fund, unless a change In applicable law permIts or authonzes all or any part of such funds to be used for other purposes SectIOn 8 04 Secunty of Funds All moneys on depOSIt In the funds referred to 10 thIS OrdInance shall be secured 10 the manner and to the fullest extent required by the laws of the State of Texas for the secunty of public funds, and moneys on depOSit In such funds shall be used only for the purposes permItted by thIS Ordmance SectIOn 8 05 DepOSIt of Proceeds (a) All alTlounts receIved on the ClOSIng Date as accrued Interest on the CertIficates from the OngInal Issue Date to the ClOSIng Date, and premium, If any, and capItalized Interest on the CertIficates, shall be depOSIted to the Interest and SInkIng Fund. (b) The remamder of the proceeds of the CertIficates shall be depOSited to the Construction Fund and used for the purposes specIfied in Section 3 0 I hereof and for paying the costs of Issuance WIth respect to the Certificates SectIOn 8 06 Investments (a) Money 10 the funds established by thIS OrdInance, at the optIOn of the CIty, may be Invested in such securitIes or obligatIOns as permItted under applicable law (b) Any secunties or obligatIOns In which money is so Invested shall be kept and held 10 trust for the benefit of the Owners and shall be sold and the proceeds of sale shall be tImely applied to the makIng of all payments requued to be made from the fund from which the Investment was made San Marcos CTRCO 2007A. Ordinance 24