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-21 - ("Construction Fund") with a bank that is a member of the Federal Deposit Insurance Corporation. The moneys in the Construction Fund in excess of the amount insured by the Federal Deposit Insurance Corporation shall be continuously secured by bonds or other direct or fully guaranteed obligations of the United States of America, except that any moneys invested as hereafter authorized need not be so secured. The moneys in the Construction Fund shall be disbursed solely in payment of the costs of accomplishing the improvements, paying necessary expenses incidental thereto and paying expenses of issuing the bonds not otherwise paid. Disbursements shall be on the basis of checks or requisitions which shall contain at least the following information: the person to whom payment is being made; the amount of the payment; and the purpose by general classifi- cation of the payment. Each check or requisition must be signed by the individual occupying the top managerial position of the System, and in the case of all items of expense over which the consulting engineers shall exercise supervision (which shall include all expenses except engineering fees, legal fees, and expenses pertaining to the issuance of the bonds) each check or requisition shall be accompanied by a certificate signed by the consulting engineers (or by a representative thereof designated by the consulting engineers) certifying approval thereof. In the case of requisitions, the depository shall issue its check upon the Construction Fund payable to the person, firm or corpora- tion designated in the requisition. The depository of the Construc- tion Fund shall be required to keep records as to all payments made on the basis of requisitions, and the City shall keep records of all payments made on the basis of checks. When the improvements have been completed and all re- quired expenses paid and expenditures made from the Construction Fund for and in connection with the accomplishment of the improve- ments and the financing thereof, this fact shall be evidenced r