Ord 1987-050a - Laserfiche WebLink

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Section 6.03. CUSIP Registration. The City may secure identification numbers through the CUSIP Service Bureau Division of Standard & Poor's Corporation, New York, New York, and may authorize the printing of such numbers on the face of the Bonds. It is expressly provided, however, that the presence or absence of CUSIP numbers on the Bonds shall be of no significance or effect as regards the legality thereof, and neither the City nor the attorneys approving said Bonds as to legality are to be held responsible for CUSIP numbers incorrectly printed on the Bonds. Section 6.04. Legal Opinion. The approving legal opinion of Hutchison Price Boyle & Brooks, Bond Counsel, may be printed on the back of each Bond over the certification of the City Secretary of the City, which may be executed in facsimile. ARTICLE vn CREATION OF FUNDS AND ACCOUNTS, INITIAL DEPOSITS AND APPLICATION OF MONEY Section 7.01. Creation of Funds. (a) The City hereby establishes the following fund: the City of San Marcos, Texas, Combination Tax and Revenue Refunding Bonds, Series 1987, Interest and Sinking Fund; (b) The Interest and Sinking Fund shall be maintained at an official depository of the City. Section 7.02. Security for Funds. All funds created by this Ordinance shall be secured in the manner and to the fullest extent permitted by law for the security of public funds, and such funds shall be used solely for the purposes permitted by this Ordinance. . Section 7.03. Disposition of Bond Proceeds. On the Closing Date, the City shall cause the proceeds from the sale of the Bonds to be deposited as follows: (i) first, all accrued interest on the Bonds from their date until the Closing Date, shall be deposited to the credit of the Interest and Sinking Fund; (ii) second, the sum of $6,403,438.00 shall be deposited to the Escrow Fund which sum shall be applied as provided in the Escrow Agreement; 1659f -22-