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of the cost of the Project. Withdrawals from the Construction <br />Account shall be made only for such purposes as shall have been <br />previously specified in the Project cost estimates and as shall <br />be..approved by the Issuer's consulting engineers for the Project. <br />The Issuer's share of any liquidated damages or other <br />money paid by defaulting contractors or their sureties, and all <br />• proceeds of insurance compensating for damages to the Project <br />during the period of construction, shall be deposited in the <br />• Construction Account to assure completion of the Project. <br />Money in the Construction Account shall be secured <br />by the depository bank in accordance with U. S. Treasury Depart - <br />went Circular 176 and in the manner prescribed by the Laws of <br />the State of Florida relating to the securing of public funds. <br />'When the money on deposit in the Construction Account exceeds <br />the estimated disbursements -on account of the Project for the <br />next 90 days, the Issuer may direct the depository bank to invest <br />such excess.funds in direct obligations of or obligations the <br />principal of and interest on which are guaranteed by the United <br />States of America, which shall be subject to redemption at any <br />time at face value by the holder thereof. The earnings from any <br />such investment shall be deposited in the Construction Account. <br />When the construction of the Project has been completed <br />and all construction costs have been paid in full, all funds <br />remaining in the Construction Account, except grant funds, shall <br />be used for the purchase or redemption of Bonds or for deposit into <br />a special fund*and expended only for paying costs of improvements <br />or extensions to the System or of repairs and replacements of its <br />facilities, and the Construction Account shall be closed. <br />All money deposited in the Construction Account shall be <br />and constitute a trust fund created for the purposes stated, and <br />there is hereby created a lien upon such fund in favor of tI.ie holders <br />of the Bonds until the money therein shall have been applied in <br />-accordance with this instrument. <br />3.04 Covenants of the 'Issuer. So long as any of the <br />principal of or interest on any of the Bonds shall be outstanding <br />and unpaid, or until. there shall have been set apart in the <br />Sinking fund herein established, including the I:eserve Account <br />-14- <br />JAN 231978. Bcox 33 PAUF,f_ 7 <br />