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<br /> /2 qlt ¡;, <br /> any Bonds that have been duly called for redemption and for which <br /> money has been deposited with the Paying Agent/Registrar for such <br /> redemption. <br /> (e) Money on deposit in the Interest and Sinking Fund shall <br /> be used to pay the principal of and interest on the Bonds as such <br /> become due and payable. <br /> Section 8.02. Securitv of Funds. <br /> <br /> All moneys on deposit in the funds referred to in this <br /> Ordinance shall be secured in the manner and to the fullest extent <br /> required by the laws of the State of Texas for the security of <br /> public funds, and moneys on deposit in such funds shall be used only <br /> for the purposes permitted by this Ordinance. <br /> Section 8.03. De?osit of Proceeds. <br /> <br /> (a) All amounts received on the Closing Date as accrued <br /> interest on the Bonds from the Original Issue Date to the Closing <br /> Date pIus an amount equal to $1,015.43 received in connection with <br /> the sale of the Bonds shall be deposited to the Interest and Sinking <br /> Fu.nd. <br /> (b) The sum of $3,270,140.77 proceeds of the Bonds shall be <br /> deposited to the Escrow Fund, which sum shal1 be applied as provided <br /> in the Escrow Agreement. <br /> (c) The sum of $87,000.00 shal1 be deposited and disbursed <br /> as directed by the Mayor and used to pay the costs and expenses <br /> pertaining to the issuance of the Bonds. To the extent any of such <br /> sums is not used for such purposes, such excess shall be deposited <br /> to the Interest and Sinking Fund. <br /> (d) To the extent necessary to accomplish fully the <br /> purposes of this Ordinance, the Mayor is authorized to reallocate <br /> the funds among the purposes specified above. <br /> Section 8.04. Investments. <br /> (a) Money in the funds created by this Ordinance, at the <br /> option of the City, may be invested ~n such securities or <br /> obligations as permitted under applicable law. <br /> (b) Any securities or obligations in which money is so <br /> invested shal1 be kept and held in trust for the benefit of the <br /> Owners and shall be sold and the proceeds of sale shall be timely <br /> applied to the making of all payments required to be made from the <br /> fund from which the investment was made. <br /> 4579f <br /> -27- <br />