Laserfiche WebLink
s <br />of the cost of the Project. Withdrawals from tiro 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 />ment 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 the 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 rhall be outstanding <br />and unpaid, or until. there shall have been set apart• in the <br />Sinking Fund herein cstablAnhod, including the itonerve Account• <br />\ -14- <br />JAN 2 31978 8COX 3 c-u-ii7 <br />