Ord 2004-074 - Laserfiche WebLink

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r------------ -- I I I Section 7.02. Control and Del iverv of Bonds (a) The Mayor of the City IS hereby authorized to have control of the Initial Bond and all necessary records and proceedings pertall1lng thereto pending investigation, examination and approval of the Attorney General of the State of Texas, regIstration by the Comptroller of Publ ic Accounts of the State of Texas, and registration with, and II1ltial exchange or transfer by, the Paying Agent/Registrar. (b) After registration by the Comptroller of Public Accounts, delivery of the Bonds shall be made to the Purchaser under and subject to the general supervision and direction of the Mayor ofthe City, against receipt by the City of all amounts due to the City under the terms of sale. Section 7 03. Deposit of Proceeds. (a) All amounts received on the Closing Date as accrued interest on the Bonds from the Original Issue Date to the Closing Date shall be deposited to the Interest and Sinking Fund. (b) The sum of$8, 118,695.70 shall be deposited to the Escrow Fund, which sum shall be applied as provided in the Escrow Agreement. (c) The sum of$256,1 I 1.23 shall be deposited as directed by the Mayor of the City and used to pay the costs and expenses pertaining to the issuance of the Bonds, including bond insurance and surety premiumg. To the extent such sum is not used for such purposes, such excess shall be deposited to the Interest and Sinking Fund. (d) The balance of such proceeds shall be deposited to a construction fund or funds to be used for the purposes (other than refunding) for which the Bonds are being issued, including payment of costs of Issuance. (e) To the extent necessary to accomplish fully the purposes of this Ordinance, the Mayor of the City is authorized to reallocate the funds directed to be used for the purposes specified above, provided that the sum described in (d) above shall be applied to the purposes for which bonds were voted at the election described in the preamble hereof, and the portion of the bonds issued for refunding purposes shall be used for the purposes and benefit of such refunding only. Section 7 04. Transfer of Funds Funds, if any, in the amount set forth in the verification report prepared in connection with the Issuance of the Bonds are hereby authorized and directed to be transferred from lawfully available funds to the Escrow Fund ARTICLE VIII FUNDS AND ACCOUNTS AND APPLICATION OF MONEY Section 8.01. Fund Desi gnations. The City hereby covenants and agrees that all revenues derIved from the operation of the System shall be kept separate from other funds of the City To that end the City hereby confirms its previous creation and establishment of the followll1g speCial Funds pursuant to the ord inances authonzll1g the Issuance of the Previously Issued Parity OblIgations, to-wit. J( Sail Marcos wwssru 1J4AI!Jl1cSlOruillancclWW O,U hllalllvd 23