Laserfiche WebLink
<br />I <br /> <br />provided, however, that nothing in this Section contained shall <br /> <br /> <br />require the City to pay or discharge any such tax, assessment or <br /> <br />governmental charge so long as the valiqity thereof be by it in <br /> <br /> <br />good faith contested. <br /> <br />Section XXIV. Construction Account. The City shall set up <br /> <br /> <br />in a Depository Bank a separate account or accounts (herein <br /> <br />collectively called the "Construction Account") into which shall <br /> <br /> <br />be deposited any temporary loans, Government advances, and proceeds <br /> <br />from the sale of the Bonds (except accrued interest payments) and <br /> <br /> <br />the additional fUnds, if any, required to assure the payment of <br /> <br />all project costs. Moneys in the Construction Account shall be <br /> <br /> <br />expended only for such purposes as shall have been previously <br /> <br />specified in the project cost estimates approved by the Government. <br /> <br />Money in the Construction Account., shall be secured by the <br /> <br />Depository Bank in the manner prescribed by Statutes relating to <br /> <br />the securing of public fUnds. Where the moneys on deposit in the <br /> <br />Construction Account exceed the estimated disbursements on account <br /> <br />of the Project for the next go days, the City may direct the <br /> <br />Depository Bank to invest said excess fUnds in direct obligations <br /> <br />of, or obligations the principal of and interest on which are <br /> <br />guaranteed by, the United States Government, which shall mature <br /> <br />not later than 18 months after the date of such investment and <br /> <br />Which shall'be subject to redemption at any time by the holder <br /> <br /> <br />thereof. The earnings from any such investments shall be deposited <br /> <br /> <br />in the Construction Account by the City. <br /> <br /> <br />All moneys remaining in the Construction Account after all <br /> <br />costs of the project have been paid shall be promptly used to the <br /> <br />extent possible for the redemption of Bonds, and any residue shall <br /> <br />be deposited in the account established for the payment of the <br /> <br />principal and interest of the Bonds. <br /> <br />Section XXV. Surety. The City covenants that each of its <br /> <br />officials or employees having custody of fUnds of the System during <br /> <br />acquisition, construction, development, and operation ,of the System, <br /> <br />,I <br /> <br />I <br /> <br />- 23 - <br />