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(b) The Interest and Sinking Fund and the Construction Fund shall be maintained at an <br />official depository of the City. <br />Section 8.02. Interest and Sinking. <br />(a) The taxes levied under Article II shall be deposited to the credit of the Interest and <br />Sinking Fund at such times and in such amounts as necessary for the timely payment of the principal <br />of and interest on the Bonds. <br />(b) Money on deposit in the Interest and Sinking Fund shall be used to pay the principal <br />of and interest on the Bonds as such become due and payable. <br />Section 8.03. Construction Fund. <br />(a) Money on deposit in the Construction Fund, including investment earnings thereof, <br />shall be used for the purposes specified in Section 3.01 of this Ordinance. <br />(b) All amounts remaining in the Construction Fund after the accomplishment of the <br />purposes for which the Bonds are hereby issued, including investment earnings of the Construction <br />Fund, shall be deposited into the Interest and Sinking Fund. <br />Section 8.04. Security of Funds. <br />All moneys on deposit in the funds referred to in this Ordinance shall be secured in the manner <br />and to the fullest extent required by the laws of the State of Texas for the security of public funds, <br />and moneys on deposit in such funds shall be used only for the purposes permitted by this Ordinance. <br />Section 8.05. Deposit of Proceeds. <br />(a) All amounts received on the Closing Date as accrued interest on the Bonds from the <br />Original Issue Date to the Closing Date, and premium, if any, shall be deposited to the Interest and <br />Sinking Fund. <br />(b) The remainder of the proceeds of the Bonds shall be deposited to the Construction <br />Fund and used for the purposes specified in Section 3.01 hereof and for paying the costs of issuance <br />with respect to the Bonds. <br />Section 8.06. Investments. <br />(a) Money in the funds established by this Ordinance, at the option of the City, may be <br />invested in such securities or obligations as permitted under applicable law. <br />(b) Any securities or obligations in which money is so invested shall be kept and held in <br />trust for the benefit of the Owners and shall be sold and the proceeds of sale shall be timely applied <br />San Marcos GO 2009 Ordinance 25