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<br /> (d) In the event municipal bond guaranty insurance is <br /> obtained for the Bonds pursuant to the terms of sale of the Bonds as <br /> set forth in the bid accepted by the City Council, all officers of <br /> the City are authorized to do any and all things to execute and <br /> deliver any and all documents, certificates or other instruments <br /> necessary or required for the issuance of a municipal bond insurance <br /> policy relating to the Bonds. To the extent permitted by applicable <br /> law, the City will comply with all notice and other applicable <br /> requirements of the insurer issuing the municipal bond insurance <br /> policy in connection with the issuance of the Bonds, as such <br /> requi rements may be in the effect and transmitted to Bond Counsel <br /> with such insurer's commitment to issue such insurance. <br /> (e) 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 as of and delivered on the Closing Date. <br /> Section 7.02. Control and Delivery of Bonds. <br /> (a) The Mayor is hereby authorized to have control of the <br /> Initial Bond 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 direction 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 /> CREATION OF FUNDS AND ACCOUNTS; <br /> DEPOSIT OF PROCEEDS; INVESTMENTS <br /> Section 8.01. Creation of Funds. <br /> (a) The City hereby establishes the following special funds <br /> or accounts: <br /> (i) The City of San Marcos, Texas, General Obligation <br /> Bonds, Series 1992, Interest and Sinking Fundi and <br /> (ii) The City of San Marcos, Texas, General Obligation <br /> Bonds, Series 1992, Construction Fund. <br /> (b) The Interest and Sinking Fund and the Construction Fund <br /> shall be maintained at an official depository of the City. <br /> 4327f <br /> -24- <br />