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i <br /> <br />Section 4 - Creation of Proceeds Fund <br /> <br /> There is hereby established a trust fund to be designated the "Proceeds Fund, City of <br />Martinsville General Obligation Notes (Albert Harris Elementary School Project), Series 1999." <br /> <br />Section 5 - Payments into Proceeds Fund <br /> <br /> All funds received from the proceeds of the sale of the Notes shall be deposited into the <br />Proceeds Fund to be used in the manner provided in Section 2 in accordance with the Note <br />Purchase Agreement and applicable law. <br /> <br />Section 6 - Creation of Note Fund <br /> <br /> There is hereby established a trust fund to be designated the "Note Fund, City of <br />Martinsville General Obligation Notes (Albert Harris Elementary School Project), Series 1999" <br />in which Note Fund there is hereby established an Interest Account and a Principal Account. As <br />and when received, monies shall be deposited into the Note Fund, and payments .from the Note <br />Fund shall be made as follows: <br /> <br /> (a) to the Interest Account in the Note Fund, subject to credit, if any, for proceeds of <br />the Notes deposited therein, on the Business Day prior to each Payment Date, an amount equal to <br />the amount of interest that will become due on the Notes on the next succeeding Payment Date; <br />and <br /> <br /> (b) to the Principal Account in the Note Fund on the Business Day prior to the <br />Maturity Date an amount equal to the principal that is required to be deposited into the Principal <br />Account in order to pay the principal due on the Notes on the Maturity Date. <br /> <br />Section 7 - Accounts Within Funds <br /> <br /> Any fund or account created by this Ordinance may contain such accounts or sub accounts <br />as may be necessary for the orderly administration thereof. <br /> <br />Section 8 - Investment of Funds <br /> <br /> (a). The City shall separately invest and reinvest any monies held in the funds <br />established by this Ordinance in investments which would mature in amounts and at times. so that <br />the principal of, premium, if any, and interest on, the Notes can be paid when due at maturity <br />thereof. <br /> <br /> (b) Permissible investments include investments in securities that are legal <br />investments under Chapter 18 of Title 2.1 of the Code of Virginia of 1950, as amended (Section <br />2.1-327 et seq.) and which are otherwise in compliance with Section 15.2-2619 of the Act.. <br /> <br />13 <br /> <br /> <br />