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4O6 <br /> <br /> (b) Money in any Fund established by this Resolution may, at the option of the Board, be <br /> invested in authorized investments as described in the Investment Act; provided that all such <br /> deposits and investments shall have a par value (or market value when less than par) exclusive of <br /> accrued interest at all times at least equal to the amount of money credited to such Funds, and shall <br /> be made in such manner that the money required to be expended from any Fund will be available <br /> at the proper time or times. Money in the Reserve Fund shall not be invested in securities maturing <br /> later than the final maturity of the Bonds and any Additional Bonds. Such investments shall he <br /> valued in terms of current market value as of the last day of each year, except that direct obligations <br /> of the United States (State and Local Government Series) in book-entry form shall be continuously <br /> valued at their par or face principal amount. Such investments shall be sold promptly when <br /> necessary to prevent any default in connection with the Bonds, or any Additional Bonds. <br /> <br /> Section 14. FUNDS SECURED. Money in all Funds created by this Resolution, to the <br /> extent not invested, shall be secured in the manner prescribed by law for securing funds of the City. <br /> <br /> Section 15. DEBT SERVICE REQUIREMENTS. (a) Promptly after the delivery of the <br /> Bonds, the Issuer shall cause to be deposited to the credit of the Debt Service Fund any accrued <br /> interest received from the sale and delivery of the Bonds, as described in Section 29 hereof, and any <br /> such deposit shall be used to pay the interest next coming due on the Bonds. <br /> <br /> Co) The Issuer shall transfer or cause to be transferred Pledged Revenues on deposit in the <br /> Revenue Fund, and deposit to the credit of the Debt Service Fund the amounts, at the times, as <br /> follows: <br /> <br /> (1) Such amounts, in substantially equal monthly installments, deposited on <br /> or before the 10th day of each month hereafter, as will be sufficient, together with <br /> other amounts, if any, then on hand in the Debt Service Fund and available for such <br /> purpose, to pay the interest scheduled to accrue and come due on the Bonds on the <br /> next succeeding interest payment date. <br /> <br /> (2) Such amounts, in substantially equal monthly installments, deposited on <br /> or before the 10th day of each month hereafter, as will be sufficient, together with <br /> other amounts, if any, then on hand in the Debt Service Fund and available for such <br /> purpose, to pay the principal scheduled to mature and come due on the Bonds on the <br /> next succeeding principal payment date. <br /> <br /> Section 16. RESERVE REQUIREMENTS. The Issuer shall transfer or cause to be <br /> transferred to the Reserve Fund $165,654.24 from the Bond proceeds and $233,054.48 from other <br /> moneys of the Issuer, for an aggregate amount of $388,708.72, being the Required Reserve Amount. <br /> When and so long as the money and investments in the Reserve Fund are not less than the Required <br /> Reserve Amount, no deposits need be made to the credit of the Reserve Fund. When and if the <br /> Reserve Fund contains less than the Required Reserve Amount due to the issuance of the Bonds or <br /> any Additional Bonds, beginning on the 10th day of the month following the delivery of the Bonds <br /> <br /> 17 <br /> <br /> <br />