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<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 applicable law permits or authorizes all or any part <br />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 remaining balance received on the Closing Date shall be deposited to the Construction <br />Fund, such moneys to be dedicated and used for the purposes specified in Section 3.01 hereof and for paying <br />the costs of issuance with respect to the Certificates. <br /> <br />Section 8.06. Investments. <br /> <br />( a) Money in the Interest and Sinking Fund and the Construction Fund, at the option of the City, <br />may be invested 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:\SANMAR\CQ.99\DOCS\ORDNCEFN.WPD <br /> <br />22 <br />