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<br />1, <br />\------ <br /> <br />Section 8.07. Excess Revenues. - <br /> <br />AJJ..y revenues in excess of those required to establish and maintain the Funds as above required may be <br />used to purchase and retire Priority Obligations and/or Parity Revenue Obligations in the open market at not <br />exceeding the market value thereof, the redemption of such obligations, or for any lawful purpose now or <br />hereafter provided by law. <br /> <br />Section 8.08. Security of Funds. <br /> <br />All moneys on deposit in the funds referred to in this Ordinance shall be secured in the manner and to <br />the fullest extent required by the laws of the State of Texas for the security of public funds, and moneys on <br />deposit in such funds shall be 'used only for the purposes pennitted by this Ordinance. ' <br /> <br />Section 8.09. Investments. <br /> <br />(a) Money in the Foods 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 for <br />the benefit of the Owners and shall be sold and the proceeds of sale shall be timely applied to the making of all <br />payments required to be made from the fund from which the investment was made. <br /> <br />Section 8.10. Investment Income. <br />. <br />Interest and income derived from investment of any fund created by this Ordinance shall be credited to <br />such fund. <br /> <br />ARTICLE IX <br /> <br />ADDITIONAL OBLIGATIONS <br /> <br />Section 9.01. Issuance of Additional Parity Obligations Authorized. <br /> <br />In addition to the right to issue obligations of inferior ~en as authorized by the laws of this State, the City <br />reserves the right to issue Additional Parity Obligations which, when duly authorized and issued in compliance <br />with law and the terms and conditions hereinafter appearing, shall be on a parity with the Bonds herein <br />authorized, payable from and equally and ratably secured by a lien on and pledge of the Net Revenues of the <br />System; and the Bonds and Additional Parity Obligations shall in all respects be of equal dignity. The Additional <br />Parity Obligations may be issued in one or more installments, provided, however, that none shall be issued unless <br />and until the following conditions have been met: <br /> <br />(a) The City is not then in default as to any covenant, condition or obligation prescribed in an <br />ordinance authorizing the issuance of the outstanding Parity Revenue Obligations. <br /> <br />(b) The preposed Additional Parity Obligations shall have been approved by the Attorney General <br />of Texas. <br /> <br /> <br /> <br /> <br /> <br />"'~\WWS3.9G=()IUJ"CEF>l 23 <br />