Laserfiche WebLink
firm as bond counsel for the City in connection with the issuance, sale and delivery of the Certificates is hereby <br />approved, ratified and confirmed. <br />Section 7.02. Control and Delivery of Certificates. <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, 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 />(b) After registration by the Comptroller of Public Accounts of the State of Texas, delivery of the <br />Certificates shall be made to the Purchaser under and subject to the general supervision and direction of the <br />Mayor of the City, against receipt by the City of all amounts due to the City under the terms of sale. <br />ARTICLE VIII <br />CREATION OF FUNDS AND ACCOUNTS; <br />DEPOSIT OF PROCEEDS; INVESTMENTS <br />Section 8 O 1. Creation of Funds <br />(a) The City hereby establishes the following special funds or accounts: <br />(i) the City of San Marcos, Texas, Combination Tax and Revenue Certificates of <br />Obligation, Series 2007B, Interest and Sinking Fund (the "Interest and Sinking Fund"); and <br />(ii) the City of San Marcos, Texas, Combination Tax and Revenue Certificates of <br />Obligation, Series 2007B, Construction Fund (the "Construction Fund"). <br />(b) The Interest and Sinking Fund and the Construction Fund shall be maintained at an official <br />depository of the Crty. <br />Section 8,02. Interest and Sinking Fund. <br />(a) The taxes levied and revenues pledged under Article II shall be deposited to the credit of the <br />Interest and Sinking Fund at such times and in such amounts as necessary for the timely payment of the <br />pru~c~pal of and interest on the Certificates. <br />(b) The proceeds of the Certificates representing accrued interest on the Certificates shall be <br />deposited to the credit of the Interest and Sinking Fund for the payment of interest on the Certificates. <br />(c) 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 />San Marcos CTACO 20078 Ordinance <br />