Res 1995-121 - Laserfiche WebLink

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IfilA ~ to said Fund, the: amount required to restore the sum then required to be: on deposit therein shall be added to the payments then being made in the following month or months until the: total amount then required to be on deposit in said Fund has been fully restored. (b) Notwithstanding the: requirements of subsection (a) of this Section 8.05, the City may provide a Surety Policy or Policies issued in amounts equal to all or part (as may be specified in the ordinance authorizing any series of Parity Revenue: Obligations) of the average: annual principal and interest requirements of the Parity Revenue Obligations in lieu of depositing cash into the Reserve Fund; provided, however, that no such Surety Policy may be so substituted unless the substitution of the Surety Policy will not cause any ratings then assigned to the Bonds by either Moody's Investors Service or Standard & Poor's Ratings Group to be lowered and the: ordinance authorizing the: substitution of the Surety Policy for all or part of the: ave:rage: annual principal and inte:rest requirements of the: Parity Revenue Obligations contains (i) a finding that such substitution is cost effective and (ü) a provision that the interest due on any repayment obligation of the: City by reason of payments made: unde:r such policy does not exceed the highest lawful rate of interest which may be paid by the City at the: time of the: delivery of the Surety Policy. The City reserves the right to apply the proceeds of the Revenue Fund to payment of (i) periodic premiums on the Surety Policy prior to payment of Maintenance and Operation Expenses, and (ii) any repayment obligation incurred by the City (including interest) to the issuer of the Surety Policy, the payment of which will result in the: reinstateme:nt of such Surety Policy, prior to making payments required to be made to the Rese:rve Fund pursuant to the: provisions of this Section to restore the balance in such fund to the average annual principal and interest requirements of the Parity Revenue: Obligations. In the event..a,Surety Policy issued to satisfy all or part of the City's obligation with respect to the Reserve: Fund causes the amount then on deposit in the: Reserve Fund to exceed the average annual principal and interest requirements of all Parity Re:venue: Obligations, the City may transfer such excess amount to any fund or funds established for the payment of or security for the Parity Revenue Bonds (including any escrow established for the final payment of any such obligations pursuant to Article: 717k:, Vernon's Texas Civil Statu~), or for any lawful purpose of the City. Section 8.06. Deficiencies in Funds. If in any month the: City shall, for any reason, fail to pay into the Interest and sinkiIi'g Fund and Reserve Fund the: full amounts above: stipulated, amounts equivalent to such deficiencies shall be set apart and paid into said Funds from the: first available and unallocated revenues of the System for the following month or months and such payments shall be: in addition to the: amounts hereinabove: provided to be otherwise: paid into said Funds during such month or months. 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 Priority Obligations and/or 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 referred to in this Ordinance shall be secured in the manner and to the: fullest e:xtent 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 Interest and Sinking Fund and the Reserve Fund, 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: bene:fit of the: Owne:I3 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: investme:nt was made. Section 8.10. Investment Income. Interest and income derived from investment of any fund created by this Ordinance shall be credited to such fund. _.- Section 9.01. Issuance: of Additional Prioritv Obligations Prohibited.