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<br />(e) The obligation of the Purchaser to accept delivery of the Certificates is subject to <br />the Purchaser's being furnished with the final, approving opinion of Fisher & Newsom, P'c.' Bond Counsel <br />for the City, which opinion shall be dated and delivered the Closing Date. The engagement of such firm as <br />bond counsel for the City in connection with the issuance, sale and delivery of the Certificates is hereby <br />approved, ratified and confirmed. <br /> <br />Section 7.02. Control and Delivery of Certificates. <br /> <br />(a) The Mayor of the City is hereby authorized to have control of the Initial Certificate and all <br />necessary records and proceedings pertaining thereto pending investigation, examination and approval of the <br />Attorney General of the State of Texas, registration by the Comptroller of Public Accounts of the State of <br />Texas, and registration with, and initial exchange or transfer by, the Paying Agent/Registrar. <br /> <br />(b) After registration by the Comptroller of Public Accounts of the State of Texas, delivery of <br />the Certificates shall be made to the Purchaser under and subject to the general supervision and direction of <br />the Mayor of the City, against receipt by the City of all amounts due to the City under the terms of sale. <br /> <br />ARTICLE VIII <br /> <br />CREATION OF FUNDS AND ACCOUNTS; <br />DEPOSIT OF PROCEEDS; INVESTMENTS <br /> <br />Section 8.01. Creation of Funds. <br /> <br />(a) <br /> <br />The City hereby establishes the following special funds or accounts: <br /> <br />(i) the City of San Marcos, Texas, Combination Tax and Revenue Certificates of <br />Obligation, Series 2003, Interest and Sinking Fund (the "Interest and Sinking Fund"); and <br /> <br />(ii) the City of San Marcos, Texas, Combination Tax and Revenue Certificates of <br />Obligation, Series 2003, Construction Fund (the "Construction Fund"). <br /> <br />(b) The Interest and Sinking Fund and the Construction Fund shall be maintained at an official <br />depository of the City. <br /> <br />Section 8.02. Interest and Sinking Fund. <br /> <br />(a) The taxes levied and revenues pledged under Article II shall be deposited to the credit of the <br />Interest and Sinking Fund at such times and in such amounts as necessary for the timely payment of the <br />principal of and interest on the Certificates. <br /> <br />(b) Money on deposit in the Interest and Sinking Fund shall be used to pay the principal of and <br />interest on the Certificates as such become due and payable. <br /> <br />R:\San Marcos\CO.O3\Docs\Ordinance\CO Ord Final.wpd <br /> <br />22 <br />