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<br /> I L{JAÖ <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-A, Interest and Sinking Fund; and <br /> (ii) The City of San Marcos, Texas, General Obligation <br /> Bonds, Series 1992-A, 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 /> Section 8.02. Interest and Sinking Fund. <br /> <br /> (a) The taxes levied under Section 2.01 of this Ordinance <br /> shall be deposited to the credit of the Interest and Sinking Fund at <br /> such times and in such amounts as necessary for the timely payment <br /> of the principal of and interest on the Bonds. ~ <br /> (b) If the amount of money in the Interest and Sinking Fund <br /> is at least equal to the aggregate principal amount of the <br /> outstanding Bonds plus the aggregate amount of interest due and that <br /> will become due and payable on such Bonds, no further deposits to <br /> that fund need be made. In determining the aggregate principal <br /> amount of outstanding Bonds, there shall be subtracted the amount of <br /> any Bonds that have been duly called for redemption and for which <br /> money has been deposited with the Paying Agent/Registrar for such <br /> redemption. <br /> I <br /> (c) Money on deposit in the Interest and Sinking Fund shall <br /> be used to pay the principal of and interest on the Bonds as such <br /> become due and payable. <br /> Section 8.03 Construction Fund. <br /> <br /> (a) Money on deposit in the Construction Fund, including <br /> investment ear~ngs thereof, shall be used for the purposes specified <br /> in Section 3.01 of this Ordinance. <br /> (b) All amounts remaining in the Construction Fund after <br /> the accomplishment of the purposes for which the Bonds are hereby <br /> issued, including investment earnings of the Construction Fund, <br /> shall be deposited into the Interest and Sinking Fund, unless <br /> applicable law permits or authorizes all or any part of such funds <br /> to be used for other purposes. <br /> 4417f <br /> -24- <br />