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<br /> - <br /> !]t;AC- <br /> (d) The obligation of the Purchaser to accept delivery of <br /> the Bonds is subject to the Purchaser being furnished with the <br /> final, approving opinion of Hutchison Boyle Brooks & Fisher, A <br /> Professional Corporation, Bond Counsel for the City, which opinion <br /> shall be dated and delivered the Closing Date. <br /> Section 7.02. Control and Deliverv of Bonds. <br /> -- (a) The Mayor is hereby authorized to have control of the <br /> Initial Bonds and all necessary records and proceedings pertaining <br /> thereto pending investigation, examination and approval of the <br /> Attorney General of the State of Texas, registration by the <br /> Comptroller of Public Accounts of the State of Texas, and <br /> registration with, and initial exchange or transfer by, the Paying <br /> Agent/Registrar. <br /> (b) After registration by the Comptroller of Public <br /> Accounts, delivery of the Bonds shall be made to the Purchaser under <br /> and subject to the general supervision and Çiirection of the Mayor, <br /> against receipt by the City of all amounts due to the City under the <br /> terms of sale. <br /> ARTICLE VIII <br /> DEPOSIT AND APPLICATION OF PROCEEDS <br /> Section 8.01. Deposit and Application of Proceeds. <br /> (a) All amounts received on the Closing Date as accrued <br /> interest on the Bonds from the Original Issue Date to the Closing <br /> Date plus an amount equal to $88.32 received in connection with the <br /> sale of the Bonds shall be deposited to the Interest and Sinking <br /> Fund. <br /> (b) The sum of $15,404,890.73 proceeds of the Bonds shall <br /> be deposited to the Escrow Fund, tYhich sum shall be applied as <br /> provided in the Escrow Agreement. <br /> (c) The sum of $225,000.00 shall be deposited and disbursed <br /> as directed by the Mayor and used to pay the costs and expenses <br /> pertaining to the issuance of the Bonds. To the extent any of such <br /> sums is not used for such purposes, such excess shall be deposited <br /> to the Interest and Sinking Fund. <br /> (d) To the extent necessary to accomplish fully the <br /> purposes of this Ordinance, the Mayor is authorized to reallocate <br /> the funds among the purposes specified above. <br /> 4588f <br /> -29- <br />