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<br /> Section 8.06. Investments. <br /> (a) Money in the Interest and Sinking Fund and the <br /> Construction Fund, at the option of the City, may be invested in <br /> such securities or obligations as permitted under applicable law. <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 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 /> Section 8.07. Investment Income. <br /> Interest and income derived from investment of any fund <br /> created by this Ordinance shall be credited to such fund. <br /> ARTICLE IX <br /> PARTICULAR REPRESENTATIONS AND COVENANTS <br /> Section 9.01. Pavrnent of the Bonds. <br /> <br /> While any of the Bonds are outstanding and unpaid, there shall <br /> be made available to the Paying Agent/Registrar, out of the Interest <br /> and Sinking Fund, money sufficient to pay the interest on and the <br /> principal of the Bonds, as applicable, as will accrue or mature on <br /> each applicable Interest Payment Date. <br /> Section 9.02. Other Representations and Covenants. <br /> <br /> (a) The City will faithfully perform at all times any and <br /> all covenants, undertakings, stipulations, and provisions contained <br /> in this Ordinance and in each Bond; the City will promptly payor <br /> cause to be paid the principal of, interest on, and premium, if any, <br /> with respect to, each Bond on the dates and at the places and manner <br /> prescribed in such Bond; and the City will, at the times and in the <br /> manner prescribed by this Ordinance, deposit or cause to be <br /> deposited the amounts of money specified by this Ordinance. <br /> (b) The City is duly authorized under the laws of the State <br /> of Texas to issue the Bonds; all action on its part for the creation <br /> and issuance of the Bonds has been duly and effectively taken; and <br /> the Bonds in the hands of the Owners thereof are and will be valid <br /> and enforceable obligations of the City in accordance wíth their <br /> terms. <br /> (c) The City hereby represents that the proceeds of the <br /> Bonds are needed at this time for the purposes specified in Section <br /> 3.01 hereof; that based on current facts, estimates and <br /> circumstances, it is reasonable expected that final disbursement of <br /> the proceeds of the Bonds will occur within three years after the <br /> Closing Date, that substantial binding obligations to commence such <br /> acquisitions will be incurred within six months of the Closing Date <br /> 4327£ <br /> -26- <br />