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11 <br />tute trust funds for such purposes and there is hereby created a <br />lien in favor of the owners of the Bonds upon such moneys until <br />so applied.. <br />Simultaneously with the delivery of the portion of the <br />Bonds necessary to accomplish the refunding program specified in <br />this Resolution, the County shall enter into the Escrow Deposit <br />Agreement in such form as shall be fixed by subsequent resolution <br />of the County adopted prior to the issuance of the Bonds, with a <br />bank or trust company approved by the County, which shall provide <br />for the deposit of sums into the Escrow Account established there- <br />in, and for the investment of such moneys in appropriate Federal <br />Securities so as to produce sufficient funds to make all of the <br />payments described in the first paragraph of this subsection 15D <br />of this resolution. At the time of execution of the Escrow <br />Deposit Agreement, the County shall furnish to the Escrow Holder <br />named therein appropriate documentation to demonstrate that the <br />sums being deposited and the investments to be made will be suf- <br />ficient for such purposes._ <br />E. The balance of such funds shall be deposited into <br />the "Indian River County Capital Improvement Construction Trust <br />Fund" (hereinafter called "Construction Fund") hereby created, and <br />used only for payment of the costs of the Project. Any funds on <br />deposit in the Construction Fund which, in the opinion of the <br />County, acting upon the recommendation of the Consulting Architect, <br />are not immediately necessary for expenditure may be invested in <br />Authorized Investments, as herein defined, maturing at such times <br />as the moneys in the Fund will be needed for their intended purposes. <br />All such securities shall be held by the depository bank, and all <br />income derived therefrom shall be deposited in the Construction <br />Fund until the Project has been completed, at which time such in- <br />come, together with any balance remaining in the Construction Fund, <br />shall be deposited in the Revenue Fund. All expenditures or dis- <br />bursements from the Construction Fund shall be made only after such <br />expenditures or disbursements shall -have been approved in writing <br />-20- <br />A U G 17 110J8. ��c <br />