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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, shall be deposited to the Interest and Sinking Fund. <br />(b) The remainder of the proceeds of the Bonds, including original issue premium, shall <br />be used to pay costs of issuance and deposited to the Escrow Fund and used as provided in the <br />Escrow Agreement. <br />Section 8.06. Investments. <br />(a) Money in the Interest and Sinking Fund established by this Ordinance, at the option <br />of the City, may be 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 />to the making of all payments required to be made from the fund from which the investment was <br />made. <br />Section 8.07. Investment Income. <br />Interest and income derived from investment of the Interest and Sinking Fund created by this <br />Ordinance shall be credited to such fund. <br />ARTICLE IX <br />PARTICULAR REPRESENTATIONS AND COVENANTS <br />Section 9.01. Payment of the Bonds. <br />While any of the Bonds are outstanding and unpaid, there shall be made available to the <br />Paying Agent/Registrar, out of the Interest and Sinking Fund, money sufficient to pay the interest on <br />and the principal of the Bonds, as applicable, as will accrue or mature on each applicable Interest <br />Payment Date. <br />San Marcos GORB 2009 Ordinance 24