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. e Section 8. INVESTMENTS AND SECURITY, (a) Invesbnent of Foods. The City may place money in any fund created by this Ordinance in time or demand deposits or invest such money as authorized by law and the City's invesbnent policies at the time of such deposit; provided, however, that the City hereby covenants that the {'roceeds of the sale of the Bonds will be used as soon as {)racticable for the {)UT(loses for which the Bonds are issued. Obligations purchased as an invesbnent of money in a fund shall be deemed to be a part of such fund, (b) AmOOOts Received from Investments. Except as otherwise provided by law, amooots received from the investment of the Construction Food may be retained in such fund or deposited to the Interest and SiQkins. Fund as determined b~ the Ci~ COijJlcil.. An~ amQunts received from the investment of the Interest and Sinking Fund shall be deposited in the Interest and Sinking Fund. (c) Security for Funds. All funds created by this Ordinance shall be secured in the manner and to the fullest extent required by hlw for the security offundS of the City. (d). Remainine; Foods. An~ money' remainins. a.fier the p~oses for which the Bonds have been accomplished shall be deposited in the Interest and Sinking Fund and the Construction Fund shall be closed. Section 9. REMEDIES OF OWNERS. In addition to all rights and remedies of any Owner of the Bonds provided by the laws of the State of Texas, the City and the Cooocil covenant and agree that in the event the City defaults in the l'8yment of the principal of or interest on any of the Bonds when due, fails to make the payments required by this Ordinance to be made into the Interest and Sinking Food, or defaults in the observance or performance of any of the covenants, conditions, or obligations set forth in this Ordinance, the owner of any of the Bonds shall be entitled to a writ of mandamus issued by a court of proper jurisdiction compelling and requiring the Cooocil and other officers of the Ci~ to observe and {)erfonn any covenant, obli~ation, or condition prescribed in this Ordinance, No delay or omission by any owner to exercise any right or power accruing to such owner upon default shaJI im{)air any such ri8.ht or power, or shall be construed to be a waiver of an~ such default or acquiescence therein, and every such right or power may be exercised from time to time and as often as may be deemed expedient. The specific remedies mentioned in this Ordinance shall be available to any owner of any of the Bonds and shall be cumulative of all other existing remedies. . Section 10. pEFEASANCE OF BONDS, (a) Any Bond and the interest thereon shall be deemed to be paid, retired, and no longer outstanding (a "Defeased Bond") within the meaning of this Ordinance, except to the extent {'rovided in subsection (c) of this Section, when pa~ent of the principal of such Bond, plus interest thereon to the due date (whether such due date be by reason of maturity, upon redemption, or otherwise) either (i) shall have been made or caused to be made in accordance with the terms thereof (includin& the ~ving of any required notice of redemption) or (ii) shall have been provided for on or before such due date by irrevocably depositing with or making available to the Paring Agent/Registrar for such payment (A) lawful mone~ of the United States of America sufficient to make such payment or (B) Government Obligations (hereinafter defined) which mature as to principal and interest in such amooots and at such times as will insure the availabili~, without reinvesbnent, of sufficient money to provide for such payment, and when proper arrangements have been made by the City with the Paying Agent/Registrar for the payment of its services ootil all Defeased Bonds shall have become due and payable. At suCh time 'as a Bond shall be deemed to be a Defuased Bond hereooder, as aforesaid, such Bond and the interest thereon shall no longer be secured by, payable from, or entitled to the benefits ot: the ad valorem taxes herein levied and pledged as provided in this Ordinance, and such principal and interest shall be payable solely from such money or Government Obligations. (b) MIY tnQn.e~ ~ depo$ited with tJte Pa~& AgentlRegistrar ma~ at the written direction of the City also be invested in Government Obligations, maturing in the amooots and times as hereinbefore set forth, and all income frQm ~t;h Go\,~~~ Obligations received by the Paying A8.entlRegistrar which is not required for the payment of the Bonds and interest thereon, with respect to which such money has been so deposited, shall be turned over to the City, or deposited as directed in writing by the City. (c) The term "Government Obli8ations" as used in this Section, shall mean direct obligations of the United States of America, including obligations the principal of and interest on which are ooconditionally guaranteed by the 06~9~9.0001 ~USTIN 280348 10