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e e Fanners Home Administration U.S. Maritime Administration Small Business Administration Government National.Mongage Association (GNMA) U.S. Department of Housing and Urban Development (PHA's) Federal Housing Administration; (3) bonds, notes, or other evidences of indebtedness rated "AAA" by Standard & Poor's Rating Group (S&P") and "ABa" by Moody's Investors Service ("Moodys") issued by the Federal National Mongage Associntion or the Federal Home Loan Mongage Corporation with remaining maturities not exceeding three years; or (4) U.S. dollar denominated deposit accounts, federal funds, and banker's acceptances with domestic commercial banks which have a rating on their shon tenn cenificates of deposit on the date of purchase of "A-I" or "A-I+" by S&P and "P-I" by Moody's and maturing no more than 360 days after the date of purchase. (Ratings on holding companies are not considered as the rating of the bank); Any obligation in which money from the Interest and Sinking Fund or the Reserve Fund are so invested shall be kept and held in the depository bank of the City in escrow and in trust for the benefit of the owners of the Parity Bonds, and shall be promptly sold and the proceeds of sale applied to the making of any payments required to be made from the Interest and Sinking Fund or Reserve Fund, as the case may be. Except as described in Section 20, all such investments shall at all times be a pan of the Fund from which the money used to acquire said investments shall have come and all earnings on such investments shall be credited to, and losses thereon charged against, such Fund. Notwithstanding any provision hereof to the contrary, any investment of money in the Interest and Sinking Fund shall be made so as to mattJre or be subject to redemption at the option l,f the owner or holder thereof on or prior to the date or dates on which money therefrom will be required. SECTION 14. RJNDS SECURED. Money in all Funds created by this Ordinance, to the extent not invested. shall be secured in the manner prescribed by law for securing funds of the City. SECTION 15. ADDITIONAL BONDS. In addition to inferior lien bonds authorized by Article lll1a. Vernon's Texas Civil Statutes, as amended, the City expressly reserves the right hereafter to issue additiomlI parity bonds and other evidences of indebtedness now or hereafter authorized by the Legislature of Texas \~'Ol1ectively, the "Additional Bonds"), and the Additional Bonds. when issued, may be secured by and payable from a first lien on and pledge of the Net Revenues in the same manner and to the same extent as the outstanding Parity Bonds but subject to the remaining provisions hereof, and the Previously Issued Parity Bonds, the Bomls. and the Additional Bonds may be in all respects of equal dignity. It is provided. however, that no Additional Bonds shall be issued unless: (a) The Interest and Sinking Fund, the Reserve Fund, and any similar fund or funds created by the ordinance authorizing any Parity Bonds at the time outstanding shall each contain the amount then required to be on deposit therein, and a cenificate of such effect shall be executed and delivered by the Mayor and City SecretaJ"l' . (b) As long as any of the Series 1985 Bonds are outstanding, the "net earnings" (defined below) .'i the System for the fiscal year next preceding the month in which the ordinance authorizing such Additional Bonds is adopted. were equal to each of the provisions following in items (c) (i) and (ii) below, detenn\l~ independently and cenified by an independent fmn of certified public accountants. based upon an annual :lUJit of the books of the System. (c) After the Series 1985 Bonds are no longer outstanding, an independent finn of cenified 12