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<br />(ii) the City of San Marcos, Texas, Combination Tax and Revenue Certificates of <br />Obligation, Series 2002, Construction Fund (the "Construction Fund"). <br /> <br />(b) The Interest and Sinking Fund and the Construction Fund shall be maintained at an official <br />depository of the City. <br /> <br />Section 8.02. Interest and Sinking Fund. <br /> <br />(a) The taxes levied and revenues pledged under Article II shall be deposited to the credit of the <br />Interest and Sinking Fund at such times and in such amounts as necessary for the timely payment of the <br />principal of and interest on the Certificates. <br /> <br />(b) Money on deposit in the Interest and Sinking Fund shall be used to pay the principal of and <br />interest on the Certificates as such become due and payable. <br /> <br />Section 8.03. Construction Fund. <br /> <br />(a) Money on deposit in the Construction Fund, including investment earnings thereof, shall be <br />used for the purposes specified in Section 3.01 of this Ordinance. <br /> <br />(b) All amounts remaining in the Construction Fund after the accomplishment of the purposes <br />for which the Certificates are hereby issued, including investment earnings of the Construction Fund, shall <br />be deposited into the Interest and Sinking Fund, unless a change in applicable law permits or authorizes all <br />or any part of such funds to be used for other purposes. <br /> <br />Section 8.04. Security of Funds. <br /> <br />All moneys on deposit in the funds referred to in this Ordinance shall be secured in the manner and <br />to the fullest extent required by the laws of the State of Texas for the security of public funds, and moneys <br />on deposit in such funds shall be used only for the purposes permitted by this Ordinance. <br /> <br />Section 8.05. Deposit of Proceeds. <br /> <br />(a) All amounts received on the Closing Date as accrued interest on the Certificates from the <br />Original Issue Date to the Closing Date, and premium, if any, shall be deposited to the Interest and Sinking <br />Fund. <br /> <br />(b) The remainder of the proceeds of the Certificates shall be deposited to the Construction Fund <br />and used for the purposes specified in Section 3.01 hereof and for paying the costs of issuance with respect <br />to the Certificates. <br /> <br />Section 8.06. Investments. <br /> <br />(a) Money in the funds established by this Ordinance, at the option of the City, may be invested <br />in such securities or obligations as permitted under applicable law. <br /> <br />R:\San Marcos\CO. 02\Docs\Ordinance\Final. wpd <br /> <br />23 <br />