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Bank, , Florida, a separate account or accounts into <br />which shall be deposited the proceeds from the sale of the Bonds -, <br />(except such portion thereof as shall be necessary to pay interest <br />on the Bonds during the construction of the Project, which shall be <br />deposited in the Sinking Fund), grant funds and the additional <br />funds, if any, required to assure payment in full of the Cost of <br />the Project. Withdrawals from the Construction Account shall be <br />made only for such purposes as shall have been previously specified <br />in the Project Cost estimates and as shall be approved by the <br />Issuer's consulting engineers for the Project. <br />The Issuer's share of any .liquidated damages or other <br />moneys 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 />Moneys in the Construction Account shall be secured by <br />the depository bank in accordance with U.S. Treasury Department <br />Circular 176 and in the manner prescribed by the Laws of the State <br />of Florida relating to the securing of public funds. When the <br />moneys on deposit in the Construction Account exceed the estimated <br />disbursements on account of -the Project for the next 90 days, the <br />Issuer may direct the depository bank to invest such excess funds <br />in direct obligations of or obligations the principal of and <br />interest on which are guaranteed by the United States of America, <br />which shall be subject to redemption at any time at face value by <br />the holder thereof. The earnings from any such investment shall be <br />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 be <br />deposited in the Sinking Fund, and the Construction Account shall <br />be closed. <br />All moneys 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 <br />-15- <br />