Ord 1996-032 - Laserfiche WebLink

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ggllt/ 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 Bonds. 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 Bonds, 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 Bonds i~ subject to the Purchaser being furnished with the final, approving opinion of Fisher & Newsom, P,c., Bond Counsel for the City, which opinion shall be dated as of and delivered on the Closing Date. 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 AgentlRegistrar. (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, ARTICLE VIII FUNDS AND ACCOUNTS, INITIAL DEPOSITS Ai'ID APPLICATION OF MONEY Section 8,01. Fund Designations, The City hereby covenants and agrees that all revenues derived from the operation of the System shall be kept separate ITom other funds of the City. To that end the City hereby confirms its previous creation and establishment of the following special Funds pursuant to the ordinance authorizing the issuance of the Previously Issued Parity Obligations, to-wit: (a) The City of San Marcos Waterworks and Sewer System Revenue Fund (the "Revenue Fund"). This Fund shall be kept in the City's official depository bank. (b) The City of San Marcos Waterworks and Sewer System Revenue Bonds Interest and Sinking Fund (the "Interest and Sinking Fund"), This Fund shall be kept at an official depository bank of the City. Money deposited in this Fund shall be used to pay principal of and interest on the Parity Revenue Obligations when and as the same shall become due and payable. ~ '$A. ~"MAlI.' WW'-!.?<A. DOCS\O R.D N œ, EN 25