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accounts of the Issuer, and the moneys on deposit therein shall be withdrawn, used and applied by the Issuer solely to the payment of the cost of the project and purposes incidental thereto, as herein- above described and set forth. If for any reason such proceeds or any part thereof are not necessary for or are not applied to the payment of such cost, then the unapplied proceeds shall be deposited by the Issuer into the Sinking Fund and used only to pay principal and interest on the Obligations. All such proceeds shall be and constitute trust funds for such purposes, and there is hereby created a lien upon such moneys until so applied in favor of the holders of the Obligations. Any funds on deposit in the Construction Fund which, in the opinion of the Issuer, acting upon the recommendation of the Consulting Engineers, are not immediately necessary for expenditure, as hereinabove provided, may be invested .in Authorized Investments maturing at such time or times recomm-.nded by the Consulting Engineers. All such securities shall be held by the depository bank, and all income derived therefrom shall be deposited in the Construction Fund. All expenditures or disbursements from the Construction Fund shall be made only after such expenditures or disbursements shall have been approved in writing by the Issuer and by the Consulting Engineers. The date of completion of each phase of the project shall be determined by the Consulting Engineers, who will certify such facts in writing to the governing body of the Issuer. SECTION 17. MODIFICATION OR AMENDMENT. No material modi- fication or amendment of this resolution or of any resolution or ordinance amendatory hereof or supplemental hereto may be made without the consent in writing of the holders of two-thirds or more in the principal amount of the Obligations then outstanding; provided, however, that no modification or amendment shall permit a change in the maturity of such Obligations or a reduction in the rate of interest thereon or in the amount of the principal obligation thereof or affecting the promise of the Issuer to pay the principal of and -32-