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the proceeds of the bonds as shall equal three months interest <br />requirements on the bonds, shall be deposited in the Sewage <br />Works Sinking Fund hereinafter created. The remaining proceeds <br />from the sale of said bonds shall be deposited in a bank or <br />banks which are legally designated depositories for the funds <br />of the City, in a special account or accounts to be designated <br />as "City of South Bend, Sewage. Works Construction Account." All <br />funds deposited to the credit of said Sewage Works Sinking <br />Fund or Sewage Works Construction Fund shall be deposited, held <br />and secured in accordance with the laws of the State of Indiana <br />relating to the depositing, holding and securing of public <br />funds. The funds in said special account or accounts shall be <br />expended only for the purpose of paying the cost of the works, <br />as defined in Section 7 of said Chapter 61 of the Acts of 1932, <br />as amended or as otherwise required by said Act. Any balance <br />or balances remaining unexpended in such special account or <br />accounts after completion of the works, which are not required <br />to meet unpaid obligations incurred in connection with such <br />construction, shall be paid into the Sewage Works Sinking Fund <br />and shall be used solely for the purpose of said fund. <br />Subject to the approval of the Board of Public Works and <br />Safety, the City Controller shall be authorized to invest in <br />direct obligations of the United States Government such portion <br />of the funds in said Construction Account as shall not be required <br />for immediate use, provided that no such investment shall be made <br />at a cost in excess of the par value of the securities purchased, <br />and that none of the funds shall be invested in any securities <br />the maturity date of which is later than the time when such <br />funds are required to be available for the purposes thereof, <br />or if the time when such funds will be required for use cannot <br />be determined, such investment shall be made only in securities <br />having a maturity date of one (1) year or less from the date of <br />purchase. Such investment shall be made in strict accordance <br />13 <br />