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(d) In the event municipal bond guaranty insurance is obtained for the Certificates pursuant to the terms of sale of the Certificates as set forth in the winning bid, all officers of the City are authorized to do any and all things to execute and deliver any and all documents, certificates or other instruments necessary or required for the issuance of a municipal bond insurance policy relating to the Certificates. To the extent permitted by applicable law, the City will comply with all notice and other applicable requirements of the insurer issuing the municipal bond insurance policy in connection with the issuance of the Certificates, as such requirements may be in the effect and transmitted to Bond Counsel with such insurer's commitment to issue such insurance. (e) The obligation of the Purchaser to accept delivery of the Certificates is subject to the Purchaser's being furnished with the final, approving opinion of Fisher & Newsom, P.C., Bond Counsel for the City, which opinion shall be dated and delivered the Closing Date. Section 7.02. Control and Delivery of Certificates. (a) The Mayor of the City is hereby authorized to have control of the Initial Certificate and all necessary records and proceedings pertaining thereto pending investigation, examination and approval of the Attorney General of the State of Texas, registration by the Comptroller of Public Accounts of the State of Texas, and registration with, and initial exchange or transfer by, the Paying Agent/Registrar. (b) After registration by the Comptroller of Public Accounts of the State of Texas, delivery of the Certificates 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 Certificates of Obligation, Series 2001, Interest and Sinking Fund (the "Interest and Sinking Fund"); and (ii) the City of San Marcos, Texas, Combination Tax and Revenue Certificates of Obligation, Series 200 I, 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 I nterest and Sinking Fund at such times and in such amounts as necessary for the timely payment of the principal of and interest on the Certificates. R.,S,,\NMAR ,coo 1 \Docs'.()rdinancefn, wpd 22