Ord 1988-019 - Laserfiche WebLink

Home Browse Search

Section 6.03. CUSIP Re~istration. The City may secure identification numbers through the CUSIP Service Bureau Division of Standard & Poor's Corporation, New York, New York, and may authorize the printing of such numbers on the face of the Bonds. It is expressly provided, however, that the presence or absence of CUSIP numbers on the Bonds shaH be of no significance or effect as regards the legality thereof and neither the City nor the attorneys approving said Bonds as to legality are to be held responsible for CUSIP numbers incorrectly printed on the Bonds. Section 6.04. Legal Opinion. The approving legal opinion of Hutchison Price Boyle & Brooks, Bond Counsel, may be printed on the back of each Bond over the certification of the City Secretary of the City, which may be executed in facsimile. ARTICLE VII CREATION OF FUNDS AND ACCOUNTS, INITIAL DEPOSITS AND APPLICATION OF MONEY Section 7.01. Creation of Funds. (a) The City hereby establishes the following funds: (i) the City of San Marcos, Texas, General Obligation Bonds, Series 1988, Interest and Sinking Fund; and (ii) the City of San Marcos, Texas, General Obligation Bonds, Series 1988, Construction Fund. (b) The Interest and Sinking Fund and the Construction Fund shall be maintained at an official depository of the City. Section 7.02. Initial Deposits. On the Closing Date, the City shall cause the proceeds from the sale of the Bonds to be deposited as follows: (i) first, all accrued interest on the Bonds from the Original Issue Date until the Closing Date and premium, if any, shall be deposited to the credit of the Interest and Sinking Fund; (ii) second, the remaining balance shaH be deposited to the credit of the Construction Fund; Section 7.03. Interest and Sinking Fund. (a) The taxes levied under Section 2.01 of this Ordinance shall be deposited to the credit of the Interest and Sinking Fund at such times and in such 2383f -20-