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<br />5JI1~€. <br /> <br />issuance of the Bonds, as such requirements may be in the effect and transmitted to Bond Counsel <br />with such insurer's commitment to issue such insurance. <br /> <br />(e) The obligation of the Purchaser to accept delivery of the Bonds is subject to the <br />Purchaser being furnished with the final, approving opinion ofFisher& Newsom, P.C., Bond Counsel <br />for the City, which opinion shall be dated as of and delivered on the Closing Date. <br /> <br />Section 7.02. Control and Delivery of Bonds. <br /> <br />(a) The Mayor of the City is hereby authorized to have control of the Initial Bond and all <br />necessary records and proceedings pertaining thereto pending investigation, examination and approval <br />of the Attorney General. ofthe State of Texas, registration by the Comptroller of Public Accounts of <br />the State of Texas, and registration with, and initial exchange or transfer by, the Paying <br />Agent/Registrar. <br /> <br />(b) After registration by the Comptroller of Public Accounts, delivery of the Bonds shall <br />be made to the Purchaser under and subject to the general supervision and direction of the Mayor of <br />the City, against receipt by the City of all amounts due to the City under the terms of sale. <br /> <br />ARTICLE VIII <br /> <br />FUNDS AND ACCOUNTS, INITIAL DEPOSITS <br />Al'ID APPLICATION OF MONEY <br /> <br />Section 8.01. Fund Desi!?nations. <br /> <br />The City hereby covenants and agrees that all revenues derived from the operation of the <br />System shall be kept separate from other funds of the City. To that end the City hereby creates and <br />establishes of the following special Funds, to-wit: <br /> <br />(a) The City of San ~Jarcos Waterworks and Sewer System Revenue Fund (the "Revenue <br />Fund"). This Fund shall be kept in the City's official depository bank. <br /> <br />(b) The City of San Marcos Waterworks and Sewer System Revenue Bonds Interest and <br />Sinking Fund (the "Interest and Sinking Fund"). This Fund shall be kept at an official depository bank <br />of the City. Money deposited in this Fund shall be used to pay principal of and interest on the Parity <br />Revenue Obligations when and as the same shall become due and payable. <br /> <br />(e) The City of San Marcos Waterworks and Sewer System Revenue Bonds Reserve <br />Fund, (the "Reserve Fund"). This Fund shall be kept at an official depository bank: of the City. <br />Money deposited in this Fund shall be used to pay principal of and/or interest on the Parity Revenue <br />Obligations falling due at any time when there is not sufficient money available in the Interest and <br />Sinking Fund. <br /> <br />R;\SA."lMAil\WWSSlU9"DOCS\OtU)Ncr..l.l17,41 ,F <br /> <br />26 <br />