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<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, exam ination 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 AgentlRegistrar. <br /> <br />(b) After registration by the Comptroller of Public Accounts, delivery of the Certificates shall <br />be made to the Purchaser under and subject to the general supervision and direction ofthe Mayor of the City, <br />against receipt by the City of an 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) 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 2000, 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 2000, Construction Fund (the "Construction Fund"). <br /> <br />(b) The Interest and S inking Fund and the Construction Fund shall be maintained at an official <br />depository ofthe City. <br /> <br />Section 8.02. Interest and Sinking Fund. <br /> <br />(a) The taxes levied and revenues pledged und~r Article II ofthis Ordinance shall be deposited <br />to the credit of the Interest and Sinking Fund at such times and in such amounts as necessary for the timely <br />payment of the 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 />Section 8.03. Construction Fund. <br /> <br />(a) Money on deposit in the Construction Fund, including investment earnings thereof, shall be <br />used for the purposes specified in Section 3.01 of this Ordinance. <br /> <br />(b) All amounts remaining in the Construction Fund after the accomplishment of the purposes <br />for which the Certificates are hereby issued, including investment earnings of the Construction Fund, shall <br />be deposited into the Interest and Sinking Fund, unless a change in applicable law permits or authorizes all <br />or any part of such funds to be used for other purposes. <br /> <br />R:\SANMARICo.OOIlJocsIFlNALIORDCO. WPD <br /> <br />25 <br />