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Page 13 the issue authorized herein upon the revenues of the System shall constitute a first claim upon the gross revenues of the System. Section 9. That the City Treasurer shall be custodian of the gross revenues derived from the operation of the System and shall give bond for the faithful discharge of his duties as such custodian. The amount of the bond shall at all times be at least equal to the total funds in his custody at any one time, and the bond shall be approved by the City Council and by the Trustee. From and after the delivery of any bonds issued under the pro- visions of this Ordinance, the System shall be continuously operated as a revenue producing undertaking. All moneys received by the Treasurer shall be deposited by him in such depository or depositories as may be,lawfully designated from time to time by the City Council, provided that all such depositories shall hold membership in the Federal Deposit Insurance Corporation, and all deposits in any depository in excess of the amount insured by the Federal Depcsit Insurance Corporation shall be secured by bonds or other direct or fully guaranteed obligations of the United States of America. Section 10. Waterworks Revenue Fund. There was estab- lished by Section 9 of Ordinance No. 681 of the Ordinances of the City, passed and approved on September 19, 1961 (called 'Ordinance No. 681"), a Waterworks Revenue Fund into which all revenues derived from the operation of the System, including the extensions and im- provements authorized herein, shall be deposited. Said Waterworks Revenue Fund is hereby confirmed and continued. Section 11. Second Lien Revenue Bond Fund. (a) There is hereby created and so long as any of the bonds issued,hereby