Laserfiche WebLink
ARTICLE VII <br />SALE OF THE BONDS; CONTROL AND DELIVERY OF THE BONDS <br />Section 7.01. Sale of Bonds. <br />(a) To achieve the lowest borrowing costs for the projects set forth in Section 3.01 of <br />this Ordinance, the Bonds shall be sold to the TWDB. The TWDB will receive at or prior to <br />closing, an origination fee of 1.85% of the aggregate initial amount of Bonds sold, calculated <br />pursuant to 31 Texas Administrative Code Chapter 375. <br />(b) All officers of the City are authorized to execute such documents, certificates and <br />receipts as they may deem appropriate in order to consummate the delivery of the Bonds. <br />Section 7.02. Control and Delivery of Bonds. <br />(a) The Mayor of the City is hereby authorized to have control of the Initial Bond and <br />all necessary records and proceedings pertaining thereto pending investigation, examination and <br />approval of the Attorney General of the State of Texas, registration by the Comptroller of Public <br />Accounts of the State of Texas, and registration with, and initial exchange or transfer by, the <br />Paying Agent/Registrar. <br />(b) After registration by the Comptroller of Public Accounts, delivery of the Bonds <br />shall be made to the Purchaser under and subject to the general supervision and direction of the <br />Mayor of the City, against receipt by the City of all amounts due to the City under the terms of <br />sale. <br />ARTICLE VIII <br />FUNDS AND ACCOUNTS, INITIAL DEPOSITS <br />AND APPLICATION OF MONEY <br />Section 8.01. Fund Desi nag tions. <br />The City hereby covenants and agrees that all revenues derived from the operation of the <br />System shall be kept separate from other funds of the City. To that end the City hereby confirms <br />its previous creation and establishment of the following special Funds pursuant to the ordinances <br />authorizing the issuance of the Previously Issued Parity Obligations, to -wit: <br />(a) The City of San Marcos, Texas Waterworks and Waste Water System Revenue <br />Fund (the "Revenue Fund"). This Fund shall be kept in the City's official depository bank. <br />(b) The City of San Marcos, Texas Waterworks and Waste Water System Revenue <br />Bonds Interest and Sinking Fund (the "Interest and Sinking Fund"). This Fund shall be kept at <br />24 <br />SANMARCOS/W W W SRev2017B: Ordinance <br />