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V.r Page 27 is removed pursuant to the provisions hereof shall cease to be Paying Agent and any successor Trustee shall be and become Paying Agent. Section 23. That when the bonds have been executed by the Mayor and City Clerk and the seal of the City impressed, as herein provided, they shall be delivered to the Trustee, which shall authenticate them and deliver them to the purchaser upon the payment of the purchase price. The Trustee shall see that the necessary notices of redemption for the bonds being refunded have been published as required. The total sale proceeds shall be handled as follows: (a) There shall be deposited into the Sewer Revenue Bond Fund she amount of the accrued interest paid by the purchaser; (b) The amount necessary to accomplish the refunding of the out- standing bonds being refunded hereby shall be withdrawn from the total sale proceeds and utilized for that purpose either by depositing the same in a trust or escrow fund to be held and used for the purpose or by investing the same in lawful investments maturing or subject to redemption prior to maturity at such times as to make available on the redemption date the amount necessary to accomplish the refunding on that date; and (c) The balance of the total sale proceeds shall be paid into a special fund of the City which is hereby created and designated "Sewer Construction Fund" (sometimes called "Construction Fund") . The Construction Fund shall be maintained in a depository or depositories, designated by the Sewer Committee, 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 or shall be invested as hereafter authorized. The moneys in the Construction