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remaining proceeds of the Bonds shall be paid into such Construc- <br /> tion Fund and utilized to pay all costs of the acquisition, <br /> construction and installation of the Project, and costs incidental <br /> thereto, and all costs incurred in connection with the issuance <br /> and sale of the Bonds. <br /> Bond proceeds not immediately needed to pay Project costs and <br /> costs of the issuance and sale of the Bonds may be deposited in or <br /> with such institutions or invested in such obligations as may now <br /> or hereafter be permitted cities of the State of Washington by law <br /> and which will mature prior to the date on which the money so <br /> invested shall be needed. All interest earned and income or <br /> profits derived by virtue of such investments shall remain in the <br /> fund or funds in which such proceeds have been deposited and be <br /> used for the purposes for which the Bonds are being issued. Bond <br /> proceeds, or income therefrom, not expended upon completion of the <br /> project, may be used, first, to meet the requirements of Sec- <br /> tion 6(c) hereof; second, to make additions and improvements to <br /> the System as deemed necessary by the City Council; and third, to <br /> pay the principal of and interest on any Parity Bonds. <br /> Section 9. Bond Covenants. <br /> (a) The City shall at all times maintain, preserve and keep <br /> the properties of the System in good repair, working order and <br /> condition and will from time to time make all necessary and proper <br /> repairs, renewals, replacements, extensions and betterments <br /> thereto, so that at all times the business carried on in connec- <br /> tion therewith will be properly and advantageously conducted, and <br /> the City will at all times operate or cause to be operated said <br /> properties of the System and the business in connection therewith <br /> in an efficient manner and at a reasonable cost. <br /> -17- BD338 81/12/22 <br />