Ord 1999-003 - Laserfiche WebLink

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Section 7.02. Control and Delivery of Bonds. (a) The Mayor of the City is hereby authorized to have control of the Initial Bond 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, delivery of the Bonds 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. Section 7.03. Deposit of Proceeds. (a) All amounts received on the Closing Date as accrued interest on the Bonds from the Original Issue Date to the Closing Date plus an amount equal to $ received in connection with the sale of the Bonds shall be deposited to the Interest and Sinking Fund. (b) The sum of $ shall be deposited to the Escrow Fund, which sum shall be applied as provided in the Escrow Agreement. (c) The sum of $ shall be deposited as directed by the Mayor of the City and used to pay the costs and expenses pertaining to the issuance of the Bonds. To the extent any of such sums is not used for such purposes, such excess shall be deposited to the Interest and Sinking Fund. (d) The sum of $ shall be deposited to a construction fund or funds to be used for the purposes for which such principal amount was authorized at the election described in the preamble hereof. (e) To the extent necessary to accomplish fully the purposes of this Ordinance, the Mayor of the City is authorized to reallocate the funds directed to be used for the purposes specified above. ARTICLE VIII INTEREST AND SINKING FUND; INVESTMENTS Section 8.01. Interest and Sinkinl2: Fund. (a) The City hereby establishes a special fund or account, to be designated the "City of San Marcos, Texas, General Obligation Refunding and Improvement Bonds, Series 1999, Interest and Sinking Fund" (the "Interest and Sinking Fund"), said fund to be maintained at an official depository of the City separate and apart from all other funds and accounts of the City. (b) The taxes levied under Section 2.01 of this Ordinance 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 Bonds. (c) Money on deposit in or required by this Ordinance to be deposited to the Interest and Sinking Fund shall be used for the purpose of paying the interest on and principal of the Bonds when and as due and payable in accordance with their terms and this Ordinance. R:\SANMAR\GORl.99\DQCS\ORDNCEFN. WPD 24