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<br />ARTICLE 3 <br />FISCAL <br /> <br />3.1 <br /> <br />LCRA shall retain possession of all notes, cash, <br /> <br />investments, accounts receivable, CUSTOMER deposits, materials <br /> <br />and supplies, and all other SYSTEM personal property of CITY in <br />the possession of LCRA at the date of closing and shall duly <br /> <br />account to CITY for same as provided for hereinafter in this <br /> <br />Agreement. <br /> <br />3.2 <br /> <br />All cash held by LCRA for the account of CITY <br /> <br />and all cash collected by LCRA for the account of CITY after <br />12:01 a.m., September 1, 1986, shall be deposited in bank <br /> <br />accounts in such bank or banks as the City Council of San <br /> <br />Marcos may direct by formal resolution and upon such terms and <br /> <br />conditions as may be specified in each such resolution. <br /> <br />Such <br /> <br />deposits shall be made as: <br /> <br />CITY OF SAN MARCOS <br />ELECTRIC UTILITY ACCOUNT <br />BY <br />LOWER COLORADO RIVER AUTHORITY <br />OPERATING AGENT <br /> <br />3.3 <br /> <br />All proceeds of any interest bearing time depos- <br /> <br />its, investments, accounts receivable, and any other moneys due <br /> <br />to CITY after 12:01 a.m., September 1, 1986, and which are held <br />by LCRA for the account of CITY shall, upon collection, be <br /> <br />-13- <br />