Ord 1993-038 - Laserfiche WebLink

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)3'/)A~ ARTICLE X INVESTMENTS; SECURITY OF FUNDS Section 10.01. Investments. (a) Money in the funds created by this Ordinance, at the option of the City, may be invested J.n 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' io. 02. Investment Income. Interest and income derived from investment of any fund created by this Ordinance shall be credited tó such fund. Section 10.03. Security of Funds. All moneys on deposit in the funds refetred to in this Ordinance shall be secured in the manner and to the fullest extent 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. ARTICLE XI ADDITIONAL PARITY BONDS Section 11. 01. Issuance of Additional Parity Bonds. (a) The City shall have the right and power at any time and from time to time and in one or more series or issues, to authorize, issue and deliver additional parity bonds and obligations, in accordance with law, in any amounts, for purposes of extending, improving or repairing the System or for the purpose of refunding of any Bonds, Additional Parity Bonds or other obligations of the City incurred in connection with the ownership or operation of the System. Such Additional Parity Bonds, if and when authorized, issued and delivered in accordance with this Ordinance, shall be secured by and made payable equally and ratably on a parity with the Previously Issued Parity Bonds, the Bonds, and all outstanding Additional Parity Bonds, from an irrevocable first lien on and pledge of the Pledged Revenues. 4588f -33-