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<br />stipulated in this Ordinance, then the pledge of the funds pledged under this
<br />Ordinance, and all covenants, agreements and other obligations of the City to the
<br />Holders, shan cease, terminate and become void and be discharged and satisfied, and
<br />the Paying Agent/Registrar shall pay over or deliver to the City all money held by it
<br />under this Ordinance.
<br />
<br />Bonds or principal amount thereof and interest installments for which money
<br />shall have been set aside in full payment to maturity or the redemption thereof and
<br />held in trust by the Paying Agent/Registrar (through deposit by the City of funds for
<br />such payment or redemption or otherwise) shall be deemed to have been paid within
<br />the meaning and with the effect expressed above in this Section. All Outstanding
<br />Bonds shall be deemed to have been paid prior to their Stated Maturities, within the
<br />meaning and with the effect expressed above in this Section, if there shan have been
<br />deposited with the Paying Agent/Registrar either money in an amount which shall be
<br />sufficient, or direct obligations of the United States of America the principal of and
<br />interest on which, when due, will provide money which, together with the money, if
<br />any, deposited with the Paying Agent/Registrar at the same time shall be sufficient
<br />to pay, when due, the principal of such Bonds and the interest to become due on such
<br />Bonds on and prior to the Stated Maturity or (if notice of redemption has been duly
<br />given or waived or if irrevocable arrangements therefor acceptable to the Paying
<br />Agent/Registrar have been made the redemption date thereof. Neither direct
<br />obligations of the United States of America nor money deposited with the Paying
<br />Agent/Registrar pursuant to this Section, nor principal or interest payments on any
<br />such direct obligations of the United States of America, shall be withdrawn or used
<br />for any purpose other than, and shall be held in trust for, the payment of the
<br />principal of, premium, if any, and interest on such Bonds. Any cash received from
<br />such principal of and interest on such direct obJigations of the United States of
<br />America deposited with the Paying Agent/Registrar, if not needed for such purpose,
<br />shall, to the extent practicable, be reinvested in direct obligations of the United
<br />States of America (which may be non-interest bearing) maturing at times and in
<br />amounts sufficient to pay when due the principal of, premium, if any, and interest
<br />on such Bonds on and prior to the Stated Maturity thereof, and interest earned from
<br />such reinvestments shall be paid over to the City as received by the Paying
<br />Agent/Registrar, free and clear of any trust, lien or pledge. Any payment for Direct
<br />obligations of the United States of America purchased for the purpose of reinvesting
<br />cash as aforesaid shall be made only against delivery of such direct obJigations of
<br />the United States of America.
<br />
<br />At such time as all of the Bonds are retired, or provision is made for their
<br />payment, money in the Interest and Sinking Fund, if any, shall be transferred to the
<br />general fund of the City, unless then required by law to be transferred to some other
<br />fund or used for some other purpose; provided, however, that any money held by the
<br />Paying Agent/Registrar which has been provided for the payment of interest or
<br />principal and not so used for any reason shall continue to be held by the Paying
<br />Agent/Registrar for a period of three calendar years, and, of not claimed, the same
<br />shall be returned to the City.
<br />
<br />Section 32. SALE OF THE BONDS. (a) The sale of the Bonds, at a price of
<br />$15,821,373.25 to Salomon Brothers Inc and Texas Capital Markets Group, together
<br />with accured interest on the Bonds from October 1, 1986, to date of delivery, and in
<br />accordance with the terms and conditions of the Purchase Contract relating to the
<br />Bonds, dated October 2, 1986, is hereby authorized, ratified and confirmed.
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