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<br /> Section 8.02. Interest and Sinkinq Fund. <br /> (a) The taxes levied under Section 2.01 of this Ordinance <br /> shall be deposited to the credit of the Interest and Sinking Fund at <br /> such times and in such amounts as necessary for the timely payment <br /> of the principal of and interest on the Bonds. <br /> (b) If the amount of money in the Interest and Sinking Fund <br /> is at least equal to the aggregate principal amount of the <br /> outstanding Bonds plus the aggregate amount of interest due and that <br /> will become due and payable on such Bonds, no further deposits to <br /> that fund need be made. In determining the aggregate principal <br /> amount of outstanding Bonds, there shall be subtracted the amount of <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 /> (c) Money on deposit in the Interest and Sinking Fund shall <br /> be used to pay the principa 1 of and interest on the Bonds as such <br /> become due and payable. <br /> Section 8.03 Construction Fund. <br /> (a) Money on deposit in the Construction Fund, including <br /> investment earings thereof, shall be used for the purposes specified <br /> in Section 3.01 of this Ordinance. <br /> (b) All amounts remaining in the Construction Fund after <br /> the accomplishment of the purposes for which the Bonds are hereby <br /> issued, including investment earnings of the Construction Fund, <br /> shall be deposited into the Interest and Sinking Fund, unless <br /> applicable law permits or authorizes all or any part of such funds <br /> to be used for other purposes. <br /> Section 8.04. Security 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 8.05. Deposit 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, and premium, if any, shall be deposited to the Interest and <br /> Sinking Fund. <br /> (b) The remaining balance received on the Closing Date <br /> shall be deposited to the Construction Fund, such moneys to be <br /> dedicated and used for the purposes specified in Section 3.01 hereof <br /> and for paying the costs of issuance with respect to the Bonds. <br /> 4327f <br /> -25- <br />