Laserfiche WebLink
<br /> I ::¡ (; j)ß <br /> . <br /> (b) Any securities or obligations in which money is so <br /> invested shall be kept and held in trust for the benefit of the <br /> Owners and shal1 be sold and the proceeds of sale shal1 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 /> Section 10.02. Investment Income. <br /> Interest and income derived from investment of any fund -' <br /> created by this Ordinance shall be credited to such fund. <br /> Section 10.03. Security of Funds. <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 /> ARTICLE XI <br /> ADDITIONAL PARITY BONDS <br /> Section 11.01. Issuance of Additional Parity Bonds. <br /> <br /> (a) The City shall have the right and power at any time and <br /> from time to time and in one or more series or issues, to authorize, <br /> issue and deliver additional parity bonds and obligations, in <br /> accordance with law, in any amounts, for purposes of extending, <br /> improving or repairing the System or for the purpose of refunding of <br /> any Bonds, Additional Parity Bonds or other obligations of the City <br /> incurred in connection with the ownership or operation of the <br /> System. Such Additional Parity Bonds, if and when authorized, <br /> issued and delivered in accordance with this Ordinance, shall be <br /> secured by and made payable equally and ratably on a parity with the <br /> Previously Issued Parity Bonds, the Bonds, and all outstanding <br /> Additional Parity Bonds, from a,n irrevocable first lien on and <br /> pledge of the Pledged Revenues. <br /> (b) The Interest and Sinking Fund and the Reserve Fund <br /> shall secure and be used to pay all Additional Parity Bonds as well <br /> as the Previously Issued Parity Bonds and the Bonds. However, each <br /> ordinance under which Additional Parity Bonds are issued shall <br /> provide and require that, in addition to the amounts required by the <br /> prov~s~ons of this Ordinance and the provisions of any other <br /> ordinance or ordinances authorizing Additional Parity Bonds to be <br /> deposited to the credit of the Interest and Sinking Fund, the City <br /> shal1 deposit to the credit of the Interest and Sinking Fund, at <br /> least such amounts as are required for the payment of all principal <br /> of and interest on said Additional Parity Bonds then being issued, <br /> as the same come due; and that the aggregate amount to be <br /> accumulated and maintained in the Reserve Fund shall be increased <br />