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<br /> , <br /> /'1JAc" <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 /> Section 8.06. Investments. <br /> <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 aRplicable 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 /> <br /> Interest and income derived from investment of any fund <br /> created by this Ordinance shall be credited to such fund. <br /> I <br /> ARTICLE IX <br /> PARTICULAR REPRESENTATIONS AND COVENANTS <br /> Section 9.01. Payment 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 /> 4417f <br /> -25- <br />