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Agent as and when the same become due, and to forward such sums to the Paying Agent in a manner which ensures that the Paying Agent will receive immediately available funds in such amounts on or before the Business Day immediately preceding the dates when such principal or Redemption Price, interest and fees of the Paying Agent will become due. If, through the lapse of time or otherwise, the Registered Owners of Bonds are no longer entitled to enforce payment of the Bonds or the interest thereon, the Paying Agent shall return said funds to the City. All moneys deposited with the Paying Agent shall be deemed to be deposited in accordance with and subject to all of the provisions contained in this Ordinance and shall be held in trust by the Paying Agent for the benefit of the Registered Owners of the Bonds entitled to payment from such moneys. (b) Any moneys or investments remaining in the Debt Service Fund after the retirement of the Bonds of the City shall be transferred and paid into the general fund of the City. Section 505. Application of Money in the Debt Service Reserve Fund. Except as herein provided, all amounts paid and credited to the Debt Service Reserve Fund shall be expended and used by the City solely to prevent any default in the payment of interest on or principal of the Bonds at Stated Maturity if the moneys in the Debt Service Fund are insufficient to pay the interest on or principal of the Bonds as they become due. The amount on deposit in the Debt Service Reserve Fund shall be valued by the City on each Interest Payment Date. Any amounts in the Debt Service Reserve Fund in excess of the Debt Service Reserve Requirement shall be transferred to the Debt Service Fund and applied to the payment of the principal of and interest on the Bonds due and payable on the next Interest Payment Date. So long as the amounts on deposit in the Debt Service Reserve Fund aggregate the Debt Service Reserve Requirement, no further payments into said Fund shall be required, but if, for any reason, the amounts on deposit in such Fund shall be less than the Debt Service Reserve Requirement, the City shall, prior to the next Bond Payment Date but subject to Section 401 hereof, restore the Debt Service Reserve Fund to the Debt Service Reserve Requirement. Section 506. Deposits and Investment of Moneys. (a) Moneys in each of the funds created by and referred to in this Ordinance shall be deposited in a bank or banks or other legally permitted financial institutions located in the State of Missouri that are members of the Federal Deposit Insurance Corporation. All such deposits shall be continuously and adequately secured by the financial institutions holding such deposits as provided by the laws of the State of Missouri. All moneys held in the funds created by this Ordinance shall be kept separate and apart from all other funds of the City so that there shall be no commingling of such funds with any other funds of the City. (b) Moneys held in any fund referred to in this Ordinance may be invested by the Director of Finance in Permitted Investments that are in accordance with the Arbitrage Instructions and the investment policy of the City, as such policy may be amended from time to time; provided, however, that no such investment shall be made for a period extending longer than to the date when the moneys invested may be needed for the purpose for which such fund was created. All earnings on any investments held in any fund shall accrue to and become a part of such fund. Section 507. Nonpresentment of Bonds. If any Bond is not presented for payment when the principal thereof becomes due at Maturity, if funds sufficient to pay such Bond have been made available to the Paying Agent all liability of the City to the Registered Owner thereof for the payment of such Bond shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Paying Agent to hold such funds, without liability for interest thereon, for the benefit of the Registered Owner of such Bond, who shall thereafter be restricted exclusively to such funds for any claim of whatever nature on his part under this Ordinance or on, or with respect to, said Bond. If any Bond is not -16-