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<br />(d) All officers of the City are authorized to execute such documents, certificates and receipts <br />as they may deem appropriate in order to consummate the delivery of the Bonds in accordance with the <br />Purchase Contract. <br /> <br />(e) The obligation of the Purchasers to accept delivery of the Bonds is subject to the Purchasers' <br />being furnished with the final, approving opinion of Fisher & Newsom, P.C., Bond Counsel for the City, <br />which opinion shall be dated and delivered the Closing Date. <br /> <br />Section 7.02. Control and Delivery of Certificates. <br /> <br />(a) The Mayor of the City is hereby authorized to have control ofthe Initial Certificate and all <br />necessary records and proceedings pertaining thereto pending investigation, examination 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 Agent/Registrar. <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 of the Mayor of the City, <br />against receipt by the City of all amounts due to the City under the terms of sale. <br /> <br />ARTICLE VIII <br /> <br />CREA nON 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 1999, 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 1999, Construction Fund (the "Construction Fund"). <br /> <br />(b) The Interest and Sinking Fund and the Construction Fund shall be maintained at an official <br />depository O;f the City. <br /> <br />Section 8.02. Interest and Sinking Fund. <br /> <br />(a) The taxes levied and revenues pledged under Section 2.01 of this Ordinance shall be <br />deposited to the credit of the Interest and Sinking Fund at such times and in such amounts as necessary for <br />the timely 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 />R:ISANMARICO.99\Docs\ORDNCFN.WPD <br /> <br />21 <br />