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{ I <br /> r ' r <br /> r J r <br /> � <br /> proceedings to the Common Council. The proceeds derived from the <br /> sale of the Bonds shall be and are hereby set aside for the <br /> application to the costs of the Project, together with the expenses <br /> necessarily incurred in connection therewith, including the <br /> expenses incurred in the issuance of the Bonds. <br /> Section 13. Security and Sources of Payment for the <br /> Bonds. The Bonds, when fully paid for and delivered to the <br /> purchaser or purchasers thereof, as to both principal and interest <br /> and any bonds hereafter issued on equal parity with the Bonds, <br /> shall be the valid and binding special revenue obligations of the <br /> City, payable from and secured by an irrevocable pledge of and <br /> constituting a charge upon all of the Net Revenues of the <br /> Waterworks including all extensions, additions and improvements <br /> thereto, and replacements thereof made pursuant to this Ordinance, <br /> or subsequently. The proceeds derived from the sale of the Bonds <br /> shall be and are hereby set aside for the purpose of the payment <br /> of the cost of acquisition, construction and installation of the <br /> Project and the expenses necessarily in connection therewith, <br /> including the expenses incurred in connection with the issuance and <br /> sale of the Bonds. The proper offices of the City are hereby <br /> directed to draw all proper and necessary warrants and to do all <br /> acts and things which may be necessary to carry out the provisions <br /> of the Ordinance. <br /> Section 14. Disposition of Proceeds of the Bonds; <br /> Waterworks Construction Account. The proceeds from the sale of the <br /> Bonds shall be deposited and applied as follows: <br /> (a) The accrued interest and premium received at <br /> the time of the delivery of the Bonds, if any, shall be <br /> deposited in the Bond and Interest Account, as defined <br /> and described herein. <br /> (b) A portion of the proceeds from the sale of the <br /> Bonds may be deposited into the Debt Service Reserve <br /> Account defined and described hereinbelow, which amount <br /> shall be determined by the Board and approved by the <br /> Common Council in the same manner as provided for <br /> to determine the final principal amounts of the Bonds set <br /> forth in Section 4 herein. In no event shall the amount <br /> of proceeds of the Bonds deposited in the Debt Service <br /> Reserve Account exceed the Reserve Requirement <br /> established for the Bonds in Section 15 herein. <br /> (c) The remaining proceeds from the sale of the <br /> Bonds shall be deposited in a bank or banks which are <br /> legally qualified depositories for the funds of the City, <br /> in a special account or accounts to be designated as <br /> "City of South Bend, Waterworks Construction Account" <br /> (hereafter called the "Construction Account") , and shall <br /> be in the custody and control of the Board. Each of such <br /> 12 <br />