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I I I insurance in connection with the issuance of the Bonds, as such requirements may be in the effect and transmitted to Bond Counsel with such insurer's commitment to issue such insurance. (e) The obligation of the Purchaser to accept delivery of the Certificates is subject to the Purchaser's being furnished with the final, approving opinion of Fisher & Newsom, P.c., Bond Counsel for the City, which opinion shall be dated and delivered the Closing Date. The engagement of such firm as bond counsel for the City in connection with the issuance, sale and delivery of the Certificates is hereby approved, ratified and confirmed. Section 7.02, Control and Delivery of Certificates. (a) The Mayor of the City is hereby authorized to have control of the Initial Certificate and all necessary records and proceedings pertaining thereto pending investigation, examination and approval of the Attorney General of the State of Texas, registration by the Comptroller of Public Accounts of the State of Texas, and registration with, and initial exchange or transfer by, the Paying Agent/Registrar. (b) After registration by the Comptroller of Public Accounts of the State of Texas, delivery of the Certificates shall be made to the Purchaser under and subject to the general supervision and direction of the Mayor of the City, against receipt by the City of all amounts due to the City under the terms of sale. ARTICLE VIII CREATION OF FUNDS AND ACCOUNTS; DEPOSIT OF PROCEEDS; INVESTMENTS Section 8.01. Creation of Funds. (a) The City hereby establishes the following special funds or accounts: (i) the City of San Marcos, Texas, Combination Tax and Revenue Certificates of Obligation, Series 2004, Interest and Sinking Fund (the "Interest and Sinking Fund"); and (ii) the City of San Marcos, Texas, Combination Tax and Revenue Certificates of Obligation, Series 2004, Construction Fund (the "Construction Fund"). (b) The Interest and Sinking Fund and the Construction Fund shall be maintained at an official depository of the City. Section 8.02. Interest and Sinking Fund. (a) The taxes levied and revenues pledged under Article II shall be deposited to the credit of the Interest and Sinking Fund at such times and in such amounts as necessary for the timely payment of the prlllcipal of and interest on the Certificates. (b) Money on deposit in the Interest and Sinking Fund shall be used to pay the principal of and IIlterest on the Certificates as such become due and payable. R ISan MarcoslCO 041DocslOrdinancelCO Ord Final wpd 22