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bond counsel shall be considered as a part of the cost of the project on <br />account of which said bonds are issued, and shall be paid out of the <br />proceeds of said bonds. <br />Sec. 9. The accrued interest and premium received at <br />the time of the delivery of the bonds, if any, shall be deposited in the <br />Sewage Works Sinking Fund heretofore created by Ordinance No. 3959, <br />adopted on February 8, 1954. The remaining proceeds from the sale <br />of said bonds shall be deposited in a bank or banks which are legally <br />designated depositories for the funds of the City, in a special account or <br />accounts to be designated as "City of South Bend, Sewage Works <br />Construction Account. " All funds deposited to the credit of said Sewage <br />Works Sinking Fund or Sewage Works Construction Account shall be <br />deposited, held and secured or invested in accordance with the laws of <br />the State of Indiana relating to the depositing, holding land securing or <br />investing of public funds; provided, however, that any such investment <br />shall be made in accordance with Chapter 1, Article 13, Title 5, of The <br />Indiana Code of 1971. The funds in said special construction account or <br />accounts shall be expended only for the purpose of paying the cost of the <br />additions and improvements to the works, as defined in Section 1 of the <br />Act, or as otherwise required by said Act. Any balance or balances <br />remaining unexpended in such special account or accounts after comple- <br />tion of the works, which are not required to meet unpaid obligations <br />incurred in connection with such project, shall be paid into the Sewage <br />Works Sinking Fund and shall be used solely for the purposes of said <br />fund. <br />Subject to the approval of the Board of Public Works, the <br />City Controller shall be authorized to invest, subject to the provisions <br />of Chapter 1, Article 13, Title 5, of The Indiana Code of 1971, such <br />portion of the funds in said Construction Account as shall not be required <br />for immediate use, provided that no such investment shall be made at a <br />- 13 - <br />