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• <br /> SECTION 14 . Application of Proceeds of Bonds . There have <br /> heretofore been created two special funds of the City known as <br /> the "Animal Shelter Construction Fund" (No . 367) and "Fire <br /> Station Construction Fund" (No . 341) hereinafter together <br /> "Project Funds" ) . All expenditures for the Project financed by <br /> proceeds of the Bonds shall be made from the Project Funds . <br /> At the time of delivery of the Bonds, the proceeds of the <br /> Bonds shall be deposited as follows : <br /> (a) The accrued interest to the date of delivery shall <br /> be deposited to the Bond Fund and used to pay the interest on the <br /> Bonds coming due on June 1, 1993 . <br /> (b) The remaining proceeds shall be deposited to the <br /> Project Funds and used to pay costs of the Project and all costs <br /> incidental thereto and to the issuance of the Bonds, and to <br /> reimburse any other City funds utilized to pay preliminary costs <br /> of the Project . <br /> Moneys remaining in the Project Funds after all of the costs <br /> of the Project have been paid, may be used for any lawful City <br /> purpose, including deposit into the Bond Fund for the payment of <br /> the Bonds . Moneys in the Project Funds may be invested as <br /> permitted by law. <br /> SECTION 15 . Assessed Value and Existing Bonded Debt . The <br /> actual value of the taxable property within the City as <br /> ascertained by the Snohomish County Assessor in 1992 for purposes <br /> of 1993 taxation is $4, 745, 034, 043 . The principal amount of <br /> outstanding non-voted general obligation indebtedness of the <br /> —25— FW WOOH.Doc 93/01/08 <br />