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(b) such amounts, in equal monthly installments, made
<br />on or before the 20th day of the month in which the
<br />Bonds are delivered, if delivered before the 20th day
<br />of the month, or on or before the 20th day of the
<br />following month, if delivered after the ZOth day of
<br />the month, and each month thereafter, as will be
<br />sufficient to pay the principal maturing on July 1,
<br />1973, and on or before the 20th day of each month
<br />thereafter, to pay the next maturing principal of
<br />said bondso
<br />Section 8, That, in addition to all other amounts
<br />required by the Ordinances authorizing the Outstanding Bonds,
<br />there shali be deposited into the Reserve Fund, created for the
<br />benefit of said Outstanding Bonds and all Additional Bonds, on
<br />the 20th day of each morith, beginning on or before the 20th day
<br />of the month in which bonds are delivered if delivered before the
<br />20th day of the month, or on or before the 20th day of the
<br />following month, if delivered after the 20th day of the month,
<br />an amount equal to 1/60th of the average annual principal and
<br />interest requirements of the Bonds, until one year's average
<br />annual principal and interest requirements have been accumulated.
<br />Thereafter, said aggregate amount shall be maintained therein,
<br />for the benefit of said Outstanding Bonds, the Series 1973-A
<br />Bonds, and all Additional Bonds, in accordance with the proced-
<br />ures, as herein modified and supplemented, set farth in the
<br />Ordinances authorizing the Outstanding Bonds,
<br />Section 9. That said bonds are and shall be special
<br />obligations of said City, and the holder or holders thereof
<br />shall never have the right to demand payment thereof out of any
<br />funds raised or to be raised by taxationo
<br />Section 10, That the Mayor of said City is hereby
<br />authorized to have control of said bonds and all necessary
<br />records and proceedings pertaining to said bonds pending their
<br />delivery and their investigation, examination, and approval by
<br />the Attorney General of the State of Texas, and their registra-
<br />tion by the Comptroller of Public Accounts of the State of Texas.
<br />Upon registration of said bonds, said Comptroller of Public
<br />Accounts (or a deputy designated in writing to act for said
<br />Comptroller) shall manually sign the Comptroller's RPgistration
<br />Certificate prescribed herein to be printed and endorsed on the
<br />back of each bond, and the seal of said Comptroller shall be
<br />impressed, or grinted, or lithographed on each of said bonds.
<br />Section 11. That said bonds are hereby sold, and
<br />shall be delivered to Underwood Neuhaus and Co., Inc.,
<br />Houston, Texas ~
<br />being the highest and best bidder, for the principal amount or
<br />par value thereof, and accrued interest thereon to the date of
<br />delivery, plus a premium of $-0- .
<br />Section 12. That the City Council covenants to and
<br />with the purchasers of the bonds that it will make no use of the
<br />proceeds of the bonds at any time throughout the term of this
<br />issue of bonls which, if such use had been reasonably expected
<br />on the date of delivery of the bonds to and payment for the
<br />bonds by the purchasers, would have caused the bonds to be
<br />arbitrage bonds within the meaning of Section 103(d) of the
<br />Internal Revenue Code of 1954, as amended, or any regulations
<br />or rulings pertaining thereto; and by this covenant the City
<br />Council is obligated to comply with the requirements of the
<br />aforesaid Sect . ion 103(d) and all applicable and pertinent
<br />
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