Ord 1997-031 - Laserfiche WebLink

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I I - SectlOn 8 07 Excess Revenues Any revenues m excess of those reqUlred to establIsh and mallltain the Funds as above reqUlred may be used to purchase and retire Panty Revenue ObhgatlOns in the open market at not exceedmg the market value thereof, the redemptlOn of such obhgatlOns, or for any lawful purpose now or hereafter provlded by law SectlOn 8.08 Securltv of Funds All moneys on deposlt m the funds referred to m tills Ordmance shall be secured m the manner and to the fullest extent reqUlred by the laws of the State of Texas for the securlty of publIc funds, and moneys on deposit m such funds shall be used only for the purposes perrmtted by this Ordmance SectlOn 8 09 Investments. (a) Money in the Funds establIshed by this Ordmance, at the option of the Clty, may be mvested m such securltles or oblIgations as permitted under applicable law (b) Any securltles or obligatlons m which money lS so invested shall be kept and held in trust for the benefit of the Owners and shall be sold and the proceeds of sale shall be timely applied to the maklllg of all payments reqUlred to be made from the fund from which the mvestment was made SectlOn 8 10 Investment Income. Interest and mcome derived from mvestment of any fund created by this Ordinance shall be credited to such fund. ARTICLE IX ADDITIONAL OBLIGATIONS Sectlon 9 0 I Issuance of AddItlonal Panty OblIgatIons Authorized. In addil:.1on to the nght to lssue oblIgal:.1ons ofmfenor lien as authonzed by the laws ofthlS State, the Clty reserves the right to lssue Addltional Panty ObligatlOns WhICh, when duly authonzed and issued m comphance wlth law and the terms and condItlOns herem after appearing, shall be on a panty With the Bonds herem authonzed, payable from and equally and ratably secured by a lien on and pledge of the Net Revenues of the System, and the Bonds and AddItional Panty ObhgatIons shall m all respects be of equal dlgnlty The AddltIonal Panty Obl1gatlons may be ISSUed m one or more installments, provlded, however, that none shall be Issued unless and untIl the followmg condltlOns have been met. (a) The CIty IS not then m default as to any covenant, condltlon or obhgatlon prescribed m an ordmance authonzmg the Issuance of the outstandmg Panty Revenue ObhgatlOns. (b) of Texas The proposed AddIl:.1onal Panty ObhgatlOns shall have been approved by the Attorney General R:I..SAN'MARIW'W 5S, S11\DOCSIORDNCE 24