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Accounts of the State of Texas,and registration with,and initial exchange or transfer by,the Paying <br /> Agent/Registrar. <br /> (b) After registration by the Comptroller of Public Accounts of the State of Texas, <br /> delivery of the Certificates shall be made to the Purchaser under and subject to the general <br /> supervision and direction of the Mayor of the City, against receipt by the City of all amounts due to <br /> the City under the terms of sale. <br /> ARTICLE VIII <br /> CREATION OF FUNDS AND ACCOUNTS; <br /> DEPOSIT OF PROCEEDS; INVESTMENTS <br /> Section 8.01. Creation of Funds. <br /> (a) The City hereby establishes the following special funds or accounts: <br /> (i) the City of San Marcos, Texas, Combination Tax and Revenue Certificates <br /> of Obligation, Series 2017,Interest and Sinking Fund(the"Interest and Sinking Fund"); and <br /> (ii) the City of San Marcos, Texas, Combination Tax and Revenue Certificates <br /> of Obligation, Series 2017, Construction Fund(the "Construction Fund"). <br /> (b) The Interest and Sinking Fund and the Construction Fund shall be maintained at an <br /> official depository of the City. <br /> Section 8.02. Interest and Sinking Fund. <br /> (a) The taxes levied and revenues pledged under Article II shall be deposited to the credit <br /> of the Interest and Sinking Fund at such times and in such amounts as necessary for the timely <br /> payment of the principal of and interest on the Certificates. <br /> (b) The proceeds of the Certificates representing accrued interest on the Certificates shall <br /> be deposited to the credit of the Interest and Sinking Fund for the payment of interest on the <br /> Certificates. <br /> (c) Money on deposit in the Interest and Sinking Fund shall be used to pay the principal <br /> of and interest on the Certificates as such become due and payable. <br /> Section 8.03. Construction Fund. <br /> (a) Money on deposit in the Construction Fund, including investment earnings thereof, <br /> shall be used for the purposes specified in Section 3.01 of this Ordinance. <br /> San Marcos CTRCO 2017:Ordinance 27 <br />