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<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 ofthe 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. <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, excepting only such sums as the Mayor <br />or City Manager shall direct the Paying Agent/Registrar in writing to be paid upon Closing as costs of <br />issuance and expenses with respect to the Certificates, shall be deposited to the Construction Fund and used <br />for the purposes specified in Section 3.01 hereof and for paying the costs of issuance with respect to the <br />Certificates. The Mayor and City Manager are hereby authorized to provide written directions to the Paying <br />Agent/Registrar for the payment of such costs and expenses upon Closing.. <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 />(b) Any securities or obligations in which money is so invested shall be kept and held in trust <br />for the benefit of the Owners and shall be sold and the proceeds of sale shall be timely applied to the making <br />of all payments required to be made from the fund from which the investment was made. <br /> <br />Section 8.07. Investment Income. <br /> <br />Interest and income derived from investment of any fund created by this Ordinance shall be credited <br />to such fund. <br /> <br />R.SANM A R\CO,O 1 'Docs\Ordillancefn, wpd <br /> <br />23 <br />