Ord 1992-032 - Laserfiche WebLink

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Section 8.06. Deficiencies in Funds. If in any month the city shall, for any reason, fail to pay into the Interest and Sinking 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 the:reo f., the redemption of such obligations, or for any lawful purpose now or hereafter provided by law. Section 8.0B. 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 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. Section 8.09. Investments. (a) Money in the Interest and Sinking Fund and the Reserve Fund, at the option of the Ci ty, may be invested in such securities or obligations as permitted under applicable law. (b) Any securities or obl.igations 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 8.10. Investment Income. Interest and income derived from investment of any fund created by this Ordinance shall be credited to such fund. 4322f -29-