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<br /> separate fund to be entitled the "City of Paris Waterworks ~
<br /> F and Sewer System Improvement and Contingency Fund" (the `
<br /> '"Improvement and Contingency Fund"). The Improvement and !
<br /> i`Contingency Fund shall be used for the purpose of paying the ~
<br /> costs of improvements, enlargements, extensions, additions, ;
<br /> ~ replacements, or other capital expenditures related to the ~
<br /> System, or for paying the costs of unexpected or extraordin- e
<br /> ary repairs or replacements of the System for which System
<br /> Funds are not available, or for paying unexpected or extra- p
<br /> ; ordinary expenses of operation and maintenance of the System ~
<br /> ~ for which System funds are not otherwise available, or for ~
<br /> any other lawful purpose. !
<br /> ~ Section 14. DEPOSITS OF PLEDGED REVENUES; INVESTMENTS; ~
<br /> FUNDS SECURED. (a) That Pledged Revenues shall be credited ~
<br /> : to or deposited in the Interest and Sinking Fund, the Prior
<br /> Lien Reserve Fund, the Reserve Fund, the Improvement and
<br /> Contingency Fund, and other funds when and as required by ~
<br /> ? this Ordinance and any ordinance authorizing the issuance of '
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<br /> Additional Parity Revenue Bonds. ~
<br /> t: (b) That money in any Fund established pursuant to ~
<br /> this Ordinance or any ordinance authorizing the issuance of ;
<br /> Additional Parity Revenue Bonds, may, at the option of the ~
<br /> City, be placed in time deposits or certificates of deposit ;
<br /> secured by obligations of the type hereinafter described, or ~
<br /> be invested in direct obligations of the United States of
<br /> America, obligations guaranteed or insured by the United ;
<br /> ~ States of America, which, in the opinion of the Attorney ~
<br /> General of the United States, are backed by its full faith "
<br /> and credit or represent its general obligations, or invested ~
<br /> in obligations of instrumentalities of the United States of ~
<br /> America, including, but not limited to, evidences of indebt-
<br /> ~ edness issued, insured, or guaranteed by such governmental ~
<br /> ; agencies as the Federal Land Banks, Federal Intermediate 4
<br /> r; Credit Banks, Banks for Cooperatives, Eederal Home Loan ;
<br /> ; Banks, Government National Mortgage Association, United `
<br /> ~ States Postal Service, Farmers Home Administration, Federal '
<br /> ;i Home Loan Mortgage Association, Small Business Administra-
<br /> ~ tion, Federal Housing Association, or Participation Certifi-
<br /> cates in the Federal Assets Financing Trust; provided that ~
<br /> all such deposits and investments shall be made in such
<br /> manner that the money required to be expended from any Eund ;
<br /> ;i will be available at the proper time or times. Such invest- ~
<br /> ments shall be valued in terms of current market value as of 9
<br /> ' the last day of each fiscal year. All interest and income j
<br /> derived from such deposits and investments immediately shall ;
<br /> be credited to, and any losses debited to, the Fund f rom F
<br /> which the deposit or investment was made, and surpluses in ~
<br /> any Fund shall or may be disposed of as hereinafter ~
<br /> provided. Such investments shall be sold promptly when
<br /> necessary to prevent any default in connection with the
<br /> Bonds, Additional Bonds, or Prior Lien Additional Bonds,
<br /> consistent with the ordinances, respectively, authorizing
<br /> their issuance.
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<br /> (c) That money in all Funds created by this Ordinance, ~
<br /> to the extent not invested, shall be secured in the manner ~
<br /> ~i prescribed by law. ~
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<br /> Section 15. PRIORITY OF DEPOSITS AND PAYMENTS FROM
<br /> SYSTEM FUND. That the City shall make the deposits and pay-
<br /> ments from Pledged Revenues in the System Fund when and as
<br /> ~ required by this Ordinance and any ordinance authorizing ~
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<br /> ? Additional Parity Revenue Bonds or any other subordinate ~
<br /> lien bonds, and such deposits shall be made in the following ;
<br /> ~ order and with the following irrevocable priorities, respec- ~
<br /> ~tively: ~
<br /> First, to the Prior Lien Additional Bonds Account ~
<br /> in the Interest and Sinking Fund, when and in ~
<br /> ? the amounts required by this Ordinance and
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