Ord 1994-058 - Laserfiche WebLink

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;)71 Section 8.06. Investments. (a) Money in the Interest and Sinking Fund and the Construction 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 benefit of the Owners 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 8.07. Investment Income. ~ - Interest and income derived from investment of any fund created by this Ordinance shall be credited to such fund. ARTICLE IX , . PARTICULAR REPRESENTATIONS AND COVENANTS Section 9.01. Pavment of the Bonds. While any of the Bonds are outstanding and unpaid, there shall be made available to the Paying Agent/Registrar, out of the Interest and Sinking Fund, money sufficient to pay the interest on and the principal of the Bonds, as applicable, as wiII accrue or mature on each applicable Interest Payment Date. . Section 9.02. Other Representations and Covenants. (a) The City will faithfully perform at all times any and all covenants, undertakings, stipulations, and provisions contained in this Ordinance and in each Bond; the City wiII promptly payor cause to be paid the principal of, interest on, and premium, if any, with respect to, each Bond on the dates and at the places and manner prescribed in such Bond; and the City will, at the times and in the manner prescribed by this Ordinance, deposit or cause to be deposited the amounts of money specified by this Ordinance. .-- (b) The City is duly authorized under the laws of the State of Texas to issue the Bonds; all action on its part for the creation and issuance of the Bonds has been duly and effectively taken; and the Bonds in the hands of the Owners thereof are and will be valid and enforceable obligations of the City in accordance with their terms. Section 9,03. Federal Tax Matters. (a) The City hereby represents that the proceeds of the Bonds are needed at this time for the purposes specified in Section 3.01 hereof (the "Project"); that based on current facts, estimates and circumstances, it is reasonably expected that final disbursement of the proceeds of the Bonds will occur within three years after the Closing Date, that substantial binding obligations to commence the Project will be incurred within six months of the Closing Date and that the accomplishment of the projects for which the Bonds are hereby issued wiII proceed with due diligence to completion; that it is not reasonably expected that the proceeds of the Bonds or money deposited in the Interest and Sinking Fund will be used or invested in a manner that would cause the Bonds to be or become "arbitrage bonds," within the S^N~ fAR, G a S14\DOCSI 0 RD NeE. HBB P 22