Ord 1994-059 - Laserfiche WebLink

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Z'F'è: (h) 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 AND 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 from other funds of the City. To that end the City hereby confirms the establishment of the following special Funds, to-wit: (a) The City of San Marcos Water and Sewer System Revenue Fund (the "Revenue Fund") heretofore created in connection with the issuance of the Priority Obligations and hereby reaffirmed. This Fund shall be kept in the City's oftìcial depository bank. (b) The City of San Marcos, Texas, Second Revenue Fund heretofore established with respect to the Series 1984-A Certificates and hereby reaffirmed (the "Second Revenue Fund "). (c) The City of San Marcos, Texas, Combination Tax and Revenue Certificates of Obligation, Series 1984-A, Interest and Sinking Fund, heretofore established with respect to the Series 1984-A Certificates and hereby reaftìrmed (the" Series 1984-A Interest and Sinking Fund "). (d) The City of San Marcos New Series Waterworks and Sewer System Revenue Bonds Interest and Sinking Fund (the "Interest and Sinking Fund"). This Fund shall be kept at an oftìcial 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, (e) The City of San Marcos New Series Waterworks and Sewer System Revenue Bonds Reserve Fund, (the "Reserve Fund"), This Fund shall be kept at an oftìcial depository bank of the City. Money deposited in this Fund shall be used to pay principal of and/or interest on the Series 1984-A Certificates or the Parity Revenue Obligations falling due at any time when there is not suftìcient money available in the Series 1984-A Interest and Sinking Fund or the Interest and Sinking Fund. The special Funds herein provided shall continue to be maintained at all times while any of the, Parity Revenue Obligations remain outstanding, except that the Second Revenue Fund and the Series 1984- A Interest and Sinking Fund shall terminate when the Series 1984-A Certificates, principal and interest, shall have been paid in full or due provision shall have been made for such payment. Section 8.02. Initial Deposits. On the Closing Date, the City shall cause the proceeds from the sale of the Bonds to be deposited as follows: SA." MAR\\I¡WSS94'J)OCS\O RD N CE:02 7 ,43 :HB B F 23