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from which advances to the Bond Fund may have been made to pay principal of or interest on the <br /> Bonds prior to receipt of Pledged Taxes. lnterest income or investment profit earned in the Bond <br /> Fund shall be retained in the Bond Fund for payment of the principal of or interest on the Bonds <br /> on the interest payment date next after such interest or profit is received or, to the extent lawful <br /> and as determined by the Council,transferred to such other fund as may be determined. The City <br /> hereby pledges, as equal and ratable security for the Bonds, all present and future proceeds of the <br /> Pledged Taxes for the sole benefit of the registered owners of the Bonds, subject to the reserved <br /> right of the Council to transfer certain interest income or investment profit earned in the Bond <br /> Fund to other funds of the City, as described in the preceding sentence. <br /> C. The sale proceeds of the Refunding Bonds as is necessary,together with such money <br /> in the debt service fund for the Prior Bonds as may be advisable (or required under Section 20 <br /> hereo� for the purpose, shall be used to provide for the Refunding and the payment of costs of <br /> issuance of the Refunding Bonds and that portion thereof not needed to pay such costs of issuance <br /> is hereby ordered deposited in escrow with the Escrow Agent pursuant to the provisions of an <br /> Escrow Agreement, substantially in the form attached hereto as Exhibit A to this Ordinance,made <br /> a part hereof by this reference, and hereby approved; the officers appearing signatory to such <br /> Escrow Agreement are hereby authorized and directed to execute same, their execution to <br /> constitute conclusive proof of action in accordance with this Ordinance, and approval of all <br /> completions or revisions necessary or appropriate to effect the Refunding. The City expressly <br /> authorizes the use of the Government Obligations as set forth in the Escrow Account as set forth <br /> in the Escrow Agreement. At the time of the issuance of the Refunding Bonds, the costs of <br /> issuance of the Refunding Bonds may be paid by the Purchaser thereof on behalf of the City from <br /> the sale proceeds of the Refunding Bonds. <br /> -27- <br />