Ord 1987-112 - 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 & Poorls Corporation, New York, New York, and may authorize the printing of such numbers on the face of the Certificates. It is expressly provided, however, that the presence or absence of CUSIP numbers on the Certificates shall be of no significance or effect as regards the legality thereof and neither the City nor the attorneys approving said Certificates as to legality are to be held responsible for CUSIP numbers incorrectly printed on the Certificates. Section 6.04. Legal Opinion. The approving legal opinion of Hutchison Price Boyle & Brooks, Bond Counsel, may be printed on the back of each Certificate over the certification of the City Secretary of the City, which may be executed in facsimile. ARTICLE VII CREATION OF FUNDS AND ACCOUNTS, INITIAL DEPOSITS AND APPLICATION OF MONEY Section 7.01. Creation of Funds. (a) The City hereby establishes the following funds: (1) the City of San Marcos, Texas, Combination Tax and Revenue Certificates of Obligation, Series 1987, Interest and Sinking Fund; (ii) The Series 1987 Combination Tax and Revenue Certificates of Obligation Construction Fund. (b) The Interest and Sinking Fund and the Construction Fund shall be maintained at an official depository of the City. Section 7.02. Initial Deposits. On the Closing Date, the City shan cause the proceeds from the sale of the Certificates to be deposited as follows: (1) first, an accrued interest on the Certificates from the Original Issue Date until the Closing Date and premium, if any, shan be deposited to the credit of the Interest and Sinking Fund; (ii) second, the remaining balance shan be deposited to the credit of the Construction Fund; Section 7.03. Interest and Sinking Fund. (a) The taxes levied under Section 2.01 of this Ordinance and the Net Revenues shall be deposited to the credit of the Interest and Sinking Fund at such 0405s -19-