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The sale proceeds shall be deposited, as and when received, into a special fund of the City in a bank selected by the City that is a member of FDIC which is hereby created and designated "2013 Sales and Use Tax Bond Sewer Construction Fund" (the "Construction Fund"). The moneys in the Construction Fund shall be used for paying the costs, or reimbursing the City for the costs paid, in accomplishing the Improvements, expenses incidental thereto and the expenses of issuing the Series 2013 Bond approved in accordance with the Agreement. Payments from the Construction Fund shall be by check or voucher signed by the two persons designated by the City Council, and drawn on the depository. Each such check or voucher shall briefly specify the purpose of the expenditure. Section 11. (a) Moneys held for the credit of all funds created by this Ordinance shall, as nearly as may be practicable, be continuously invested and reinvested in direct obligations of, or obligations the principal of and interest on which are fully guaranteed by, the United States Government ("Government Obligations"), or other investments as may be from time to time authorized by law, which mature or which shall be subject to redemption by the holder, at the option of such holder, not later than the date or dates when the moneys will be needed for the purposes intended. (b) Obligations so purchased as an investment of moneys in any such fund shall be deemed at all times to be a part of such fund, and the interest accruing thereon and any profit realized from such investment shall be credited to such fund, and any loss resulting from such investment shall be charged to such fund. (c) Moneys so invested in Government Obligations need not be secured by the depository bank. Section 12. The terms of this Ordinance shall constitute a contract between the City, the Bondholder and the Commission and no variation or change in the undertaking herein set forth shall be made while the Series 2013 Bond is outstanding unless consented to in writing by the Bondholder and the Commission. Section 13. The provisions of this Ordinance are hereby declared to be severable, and if any provision shall for any reason be held illegal or invalid, it shall not affect the validity of the remainder of this Ordinance. Section 14. Reference in this Ordinance to 'Bondholder" shall include the original Bondholder or any registered assign thereof. Section 15. All ordinances and resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. 9