Laserfiche WebLink
<br /> Section 6.04. Leqal Opinion. <br /> <br /> The approving legal opinion of Hutchison Boyle Brooks & <br /> Fisher, A Professional Corporation, Bond Counsel, may be printed on <br /> the back of each Bond over the certification of the City Secretary <br /> of the City, which may be executed in facsimile. <br /> Section 6.05. Municipal Bond Insurance. <br /> <br /> If municipal bond guaranty insurance is obtained by the <br /> Purchaser, the Certificates, including the Initial Certificate, may <br /> bear 'an appropriate legend, as provided by the insur~r. <br /> ARTICLE VII <br /> CREATION OF FUNDS AND ACCOUNTS, INITIAL DEPOSITS <br /> AND APPLICATION OF MONEY <br /> Section 7.01. Creation of Funds. <br /> (a) The City hereby establishes the following funds: (i) <br /> the City of San Marcos, Texas, General Obligation Bonds, Series <br /> 1991, Interest and Sinking Fundi and <br /> (ii) the City of San Marcos, Texas, General <br /> Obligation Bonds, Series 1991, 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 7.02. Initial Deposits. <br /> <br /> On the Closing Date, the City shall cause the proceeds from <br /> the sale of the Bonds to be deposited as follows: <br /> (i) first, all accrued interest on the Bonds from <br /> the Original Issue Date until the Closing Date and premium, if <br /> any, shall be deposited to the credit of the Interest and <br /> Sinking Fundi <br /> (ii) second, the remaining balance shall be deposited <br /> to the credit of the Construction Fund; <br /> Section 7.03. Interest and Sinkinq Fund. <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 /> 4177f <br /> -21- <br />