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<br />(d) If the amount of money in the Interest and Sinking Fund is at least equal to the aggregate <br />principal amount of the outstanding Bonds plus the aggregate amount of interest due and that will become <br />due and payable on such Bonds, no further deposits to that fund need be made. In determining the aggregate <br />principal amount of outstanding Bonds, there shall be subtracted the amount of any Bonds that have been <br />duly called for redemption and for which money has been deposited with the Paying Agent/Registrar for such <br />redemption. <br /> <br />Section 8.02. 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 8.03. Investments. <br /> <br />(a) Money in the Interest and Sinking Fund, at the option of the City, may be invested in such <br />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 8.04. 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 />ARTICLE IX <br /> <br />PURCHASE OF SECURITIES; APPROVAL OF ESCROW AGREEMENT <br /> <br />Section 9.01. Purchase of Securities. <br /> <br />The City Manager and Director of Finance of the City, either or both such officers, in cooperation <br />with the Escrow Agent, is authorized to make necessary arrangements for the purchase of the Escrowed <br />Securities referenced in the Escrow Agreement, as may be necessary for the Escrow Fund. <br /> <br />Section 9.02. Approval of Escrow Agreement. <br /> <br />The Escrow Agreement and its execution and delivery by the Mayor or Mayor Pro Tem of the City <br />are hereby authorized and approved. The signature of the Mayor or Mayor Pro Tem shall be att€sted by the <br />City Secretary of the City. <br /> <br />R:ISA>iMARIGORl.99\DQCS\ORDNCEFN. WPD <br /> <br />25 <br />