88-033 ORD CERTIFICATE FOR ORDINANCE

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the Issuer's official depository bank, a separate fund to be entitled the "City of Paris Waterworks and Sewer System Bonds and Additional Bonds Reserve Fund" (the "Reserve Fund"). The Reserve Fund shall be used to pay the principal of and interest on any Bonds or Additional Bonds when and to the extent the amounts in the Interest and Sinking Fund available for such payment are insufficient for such pur- pose, and may be used for the purpose of finally retiring the last of any Bonds or Additional Bonds. Section 13. IMPROVEMENT AND CONTINGENCY FUND. That there has been created and there shall be established and maintained on the books of the Issuer, and accounted for separate and apart from all other funds of the Issuer, a separate fund to be entitled the "Issuer of Paris Waterworks and Sewer System Improvement and Contingency Fund" (the "Improvement and Contingency Fund"). The Improvement and Contingency Fund shall be used for the purpose of paying the costs of improvements, enlargements, extensions, additions, replacements, or other capital expenditures related to the System, or for paying the costs of unexpected or extraordi- nary repairs or replacements of the System for which System Funds are not available, or for paying unexpected or ex- traordinary expenses of operation and maintenance of the System for which System funds are not otherwise available, or for any other lawful purpose. Section 14. DEPOSITS OF PLEDGED REVENUES; INVESTMENTS; FUNDS SECURED. (a) That Pledged Revenues shall be credited to or deposited in the Interest and Sinking Fund, the Prior Lien Reserve Fund, the Reserve Fund, the Improvement and Contingency Fund, and other funds when and as required by this Ordinance and any ordinance authorizing the issuance of Additional Parity Revenue Bonds. (b) That money in any Fund established pursuant to this ordinance or any ordinance authorizing the issuance of Additional Parity Revenue Bonds, may, at the option of the Issuer, be placed in time deposits or certificates of deposit secured by obligations of the type hereinafter described, or be invested in direct obligations of the United States of America, obligations guaranteed or insured by the United States of America, which, in the opinion of the Attorney General of the United States, are backed by its full faith and credit or represent its general obligations, ar invested in obligations of instrumentalities of the United States of America, including, but not limited to, evidences of indebtedness issued, insured, or guaranteed by such governmental agencies as the Federal Land Banks, Federal Intermediate Credit Banks, Banks for Cooperatives, Federal Home Loan Banks, Government National Mortgage Association, United States Postal Service, Farnaers Home Administration, Federal Home Loan Mortgage Association, 26