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Section 8 02 Interest and Sinking Fund. <br />(a) The taxes levied under Article II shall be deposited to the credit of the Interest and Sinking <br />Fund at such times and m such amounts as necessary for the timely payment of the principal of and interest <br />on the Bonds <br />(b) Money on deposit m the Interest and Smkmg Fund shall be used to pay the principal of and <br />interest on the Bonds as such become due and payable <br />Section 8 03 Construction Fund. <br />(a) Money on deposit m the Construction Fund, mcludmg investment earnings thereof, shall be <br />used for the purposes specified m Section 3 O 1 of this Ordinance <br />(b) All amounts remaining m the Construction Fund after the accomplishment of the purposes for <br />which the Bonds are hereby issued, mcludmg investment earnings of the Construction Fund, shall be deposited <br />into the Interest and Sinking Fund. <br />Section 8 04 Secunty of Funds <br />All moneys on deposit in the funds referred to m this Ordinance shall be secured m 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 m such funds shall be used only for the purposes permitted by this Ordinance <br />Section 8 OS Deposit of Proceeds <br />(a) All amounts received on the Closing Date as accrued interest on the Bonds from the Ongmal <br />Issue Date to the Closing Date, and premium, if any, shall be deposited to the Interest and Sinking Fund. <br />(b) The remainder of the proceeds of the Bonds shall be deposited to the Construction Fund and <br />used for the purposes specified m Section 3 O 1 hereof and for paying the costs of issuance with respect to the <br />Bonds <br />Section 8 06 Investments <br />(a) Money m the funds established by this Ordinance, at the option of the Crty, may be invested <br />m such securities or obligations as permitted under applicable law <br />(b) Any securities or obligations m which money is so invested shall be kept and held m 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 <br />all payments required to be made from the fund from which the investment was made <br />Section 8 07 Investment Income <br />Interest and income denved from investment of any fund created by this Ordinance shall be credited <br />to such fund. <br />SanMarcosG02007 Ordinance 23 <br />