Laserfiche WebLink
Section 8.04. Security of Funds. <br />All moneys on deposit in the funds referred to in this Ordinance shall be secured in the <br />manner and to the fullest extent required by the laws of the State of Texas for the security of public <br />funds, and moneys on deposit in such funds shall be used only for the purposes permitted by this <br />Ordinance. <br />Section 8.05. Deposit of Proceeds. <br />(a) All amounts received on the Closing Date as accrued interest on the Certificates from <br />the Original Issue Date to the Closing Date, on the Certificates shall be deposited to the Interest and <br />Sinking Fund. <br />(b) The remainder of the proceeds of the Certificates, including the net original issue <br />premium, shall be deposited to the Construction Fund and used for the purposes specified in Section <br />3.01 hereof and for paying the costs of issuance with respect to the Certificates. <br />Section 8.06. Investments. <br />(a) Money in the funds established by this Ordinance, at the option of the City, may be <br />invested in such securities or obligations as permitted under applicable law. <br />(b) Any securities or obligations in which money is so invested shall be kept and held <br />in trust for the benefit of the 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 fund from which the investment <br />was made. <br />Section 8.07. Investment Income. <br />Interest and income derived from investment of any fund created by this Ordinance shall be <br />credited to such fund. <br />ARTICLE IX <br />PARTICULAR REPRESENTATIONS AND COVENANTS <br />Section 9.01. Payment of the Certificates. <br />While any of the Certificates are outstanding and unpaid, there shall be made available to the <br />Paying Agent /Registrar, out of the Interest and Sinking Fund, money sufficient to pay the interest <br />on and the principal of the Certificates, as applicable, as will accrue or mature on each applicable <br />Interest Payment Date. <br />San Marcos CTRCO 2013: Ordinance 31 <br />