Ord 2008-037 - Laserfiche WebLink

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(b) After registration by the Comptroller of Public Accounts of the State of Texas, delivery of the Certificate shall be made to the Purchaser under and subject to the general supervision and direction of the Mayor of the City, against receipt by the City of all amounts due to the City under the terms of sale. ARTICLE VIII CREATION OF FUNDS AND ACCOUNTS; DEPOSIT OF PROCEEDS; INVESTMENTS Section 8.01. Creation of Funds. (a) The City hereby establishes the following special funds or accounts: (i) the City of San Marcos, Texas, Combination Tax and Revenue Certificate of Obligation, Series 2008A, Interest and Sinking Fund (the "Interest and Sinking Fund"); and (ii) the City of San Marcos, Texas, Combination Tax and Revenue Certificate of Obligation, Series 2008A, Construction Fund (the "Construction Fund"). (b) The Interest and Sinking Fund and the Construction Fund shall be maintained at an official depository of the City. Section 8.02. Interest and Sinking Fund. (a) The taxes levied and revenues pledged under Article II shall be deposited to the credit of the Interest and Sinking Fund at such times and in such amounts as necessary for the timely payment of the principal of and interest on the Certificate. (b) Money on deposit in the Interest and Sinking Fund shall be used to pay the principal of and interest on the Certificate as such become due and payable. Section 8.03. Construction Fund. (a) Money on deposit in the Construction Fund, including investment earnings thereof, shall be used for the purposes specified in Section 3.01 of this Ordinance. (b) All amounts remaining in the Construction Fund after the accomplishment of the purposes for which the Certificate is hereby issued, including investment earnings of the Construction Fund, shall be deposited into the Interest and Sinking Fund, unless a change in applicable law permits or authorizes all or any part of such funds to be used for other purposes. San Marcos CTRCO 2008A: Ordinance 24