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to call and redemption prior to maturity or to the purchase from time to time in the open market of any outstanding bonds whether or not subject to call and redemption (irrespective of the maturity or number of such bonds) at prices and in such manner, either at public or private sale, or otherwise, as the city in its discretion may determine, but such purchase price (in- cluding brokerage and other charges, but excluding accrued interest) shall not exceed 104% of the principal amount or the redemption price of the term bonds on the next interest payment date, or (iv) used for any lawful purpose of the city. (h) Withdrawals. The Director of Finance shall not permit any withdrawal to be made by the city of any moneys in any of the funds herein, if and when the city is in default hereunder. (i) Security for Deposits. All moneys held by the Director of Finance shall be held in time or demand deposits, and shall be secured at times by such obligations and to the extent required by law, except to the extent that such moneys are invested as hereinbefore provided. (j) Investments. Obligations purchased as an investment of money in any funds which are herein authorized to be invested shall be deemed at all times to be a part of such funds and any profit realized from investments shall be credited to such funds and any losses resulting from such investments shall be credited to such funds and any losses resulting from such investment shall be charged to such funds, and the interest accruing thereunder shall be credited to the Revenue Fund except where expressly provided otherwise. The Director of Finance, shall sell at the best price obtainable or present for redemption any obligations so purchased, whenever it may be necessary to do so in order to provide moneys to meet any payment or transfer from such funds. For the purpose of determining at any given time the balance in any such funds any such invest- ments constituting a part of such funds shall be valued at the then estimated or appraised market value of such investments. Section 11. Warranty. The city shall preserve and protect the security of the bonds and the rights of the bondholders and warrant and defend their rights against all claims and demands of all persons. Section 12. Covenants. So long as any of the bonds issued hereunder are outstanding and unpaid, or so long as provision for the full payment and discharge thereof at maturity or upon redemption thereof prior to maturity through the setting apart in the Retirement Fund to insure the payment or redemption thereof of money sufficient for that purpose has not been made, the city makes the following covenants with the bondholders under the provisions of the Revenue Bond Law of 1941 (to be performed by the city or its proper officers, agents or employees) which covenants are necessary, convenient and desirable to secure the bonds and tend to make them more marketable; provided however, that said covenants do not require the city to expend any funds other than the revenues received or receivable from the enterprise. Ct>venant 1. Punctual Payment. The city covenants that it will duly and punctually pay or cause to be paid the principal of and interest on every bond issued hereunder, together with the premium thereon, if any be payable, on the date, at the place and in the manner mentioned in the bonds and coupons and in accordance with this resolution, and that the payments into the Interest Fund, the Retirement Fund and Reserve Fund will be made, all in strict conformity with the terms of said bonds and of this resolution, and that it will faithfully observe and perform all of the conditions, covenants and requirements of this resolution and all resolutions supplemental thereto and of the bonds issued hereunder, and that time of such payment and performance is of the essence of the city's contract with the bondholders. Covenant 2. Discharge Claims. The city covenants that in order to fully preserve and protect the priority and security of the bonds the city shall pay from the Revenue Fund and discharge 10