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(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; 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 2021A, Interest and Sinking Fund (the "Interest and Sinking Fund"); <br />and <br /> (ii) the City of San Marcos, Texas, Combination Tax and Revenue Certificates <br />of Obligation, Series 2021A, 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 <br />credit of the Interest and Sinking Fund at such times and in such amounts as necessary for the <br />timely payment of the principal of and interest on the Certificates. <br /> (b) The proceeds of the Certificates representing accrued interest on the Certificates <br />shall 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 /> (b) All amounts remaining in the Construction Fund after the accomplishment of the <br />purposes for which the Certificates are hereby issued, including investment earnings of the <br />Construction Fund, shall be deposited into the Interest and Sinking Fund, unless a change in <br />applicable law, as evidenced by an opinion of bond counsel, permits or authorizes all or any part of <br />such funds to be used for other purposes. <br />31 <br />San Marcos CTRCO 2021A: Ordinance <br /> <br />