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•in a special account and pledged to effect such redemption and <br /> retirement, then no further payments need be made into the Revenue <br /> Bond Fund or any account therein for the payment of the principal <br /> of and interest on the certain bonds so provided for and such <br /> bonds and appurtenant coupons shall then cease to be entitled to <br /> any lien, benefit or security of this ordinance, except the right <br /> to receive the funds so set aside and pledged, and such bonds and <br /> appurtenant coupons shall no longer be deemed to be outstanding <br /> hereunder. <br /> Section 8. Application of Proceeds of Sale of the Bonds . <br /> Upon the sale of the Bonds the proceeds thereof (except for <br /> accrued interest, which shall be paid into the Debt Service <br /> Account in the Revenue Bond Fund) shall be utilized as follows : <br /> A. There shall be paid into the Warrant Fund an amount <br /> sufficient to pay and redeem all outstanding warrants drawn on <br /> such fund, including accrued interest to the date of redemption. <br /> B. There is hereby created a special fund of the City to <br /> be known as the "Water and Sewer Construction Fund. " All remain- <br /> ing proceeds of the Bonds shall be paid into such Construction <br /> Fund and utilized to pay all costs of the acquisition, construc- <br /> tion and installation of the Project, and costs incidental thereto, <br /> and all costs incurred in connection with the issuance and sale <br /> of the Bonds. For the purpose of paying Project costs, monies on <br /> hand in the Construction Fund may be transferred to other Project <br /> Funds, and to such other project funds as may be hereafter created <br /> for the purpose of funding the costs of those projects specified <br /> in Section 2 hereof. <br /> Bond proceeds not immediately needed to pay Project costs <br /> and costs of the issuance and sale of the Bonds may be deposited <br /> in or with such institutions or invested in such obligations as <br /> may now or hereafter be permitted cities of the State of Washington <br /> by law and which will mature prior to the date on which the money <br /> so 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 /> -14- <br />