Ord 1997-030 - Laserfiche WebLink

Home Browse Search

J!9Aß Section 8.07. Excess Revenues. Any revenues in excess of those required to establish and maintain the Funds as above required may be used to purchase and retire Parity Revenue Obligations in the open market at not exceeding the market value thereof, the redemption of such obligations, or for any lawful purpose now or hereafter provided by law. Section 8.08. Security of Funds. All moneys on deposit in the funds refeITed to in tlùs Ordinance shall be secured in the manner and to the fullest extent required by the laws of the State of Texas for the security of public funds, and moneys on deposit in such funds shall be used only for the purposes permitted by this Ordinance. Section 8.09. Investments. (a) Money in the Funds established by tlùs Ordinance, at the option of the City, may be invested in such securities or obligations as permitted under applicable law. (b) Any securities or obligations in which money is so invested shall be kept and held in trust for the benefit of the O\o"vners and shall be sold and the proceeds of sale shall be timely applied to the making of all payments required to be made from the fund from which the investment was made. Section 8.10. Investment Income. Interest and income derived from investment of any fund created by tlùs Ordinance shall be credited to such fund. . ARTICLE IX ADDITIONAL OBLIGATIONS Section 9.01. Issuance of Additional Parity Obligations Authorized. In addition to the right to issue obligations of inferior lien as authorized by the lav,:s of tlùs S tate, the City reserves the right to issue Additional Parity Obligations which, when duly authorized and issued in compliance with law and the tenns and conditions hereinafter appearing, shall be on a parity with the Bonds herein authorized, 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 Parity Obligations shall in all respects be of equal dignity. The Additional Parity Obligations may be issued in one or more installments, provided, however, that none shall be issued unless and until the following conditions have been met: (a) The City is not then in default as to any covenant, condition or obligation prescribed in an ordinance authorizing the issuance of the outstanding Parity Revenue Obligations. (b) The proposed Additional Parity Obligations shall have been approved by the Attorney General of Texas. ",',s", """'" WWss.. ".ooc""RDSCE. 24