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D. The sale proceeds of the Project Bonds shall be used to pay the costs of the Project <br /> and costs of issuance of the Project Bonds and that portion thereof not needed to pay such costs of <br /> issuance is hereby ordered deposited into a separate and segregated account of the City, hereby <br /> created, and to be known as the "2019 Library Project Fund" (the "Project Fund") and used, as <br /> necessary, to pay costs of the Project. Monies on deposit in and to the credit of the Project Fund <br /> shall be disbursed from time to time as needed by the Treasurer, without further official action or <br /> direction of the Council,in accordance with normal City procedures for disbursements of corporate <br /> funds for capital projects. Upon the completion of the Project, as certified to the Treasurer by the <br /> architect or engineer in responsible charge of the Project, remaining funds, if any, on deposit in <br /> and to the credit of the Project Fund shall be transferred by the Treasurer, without further official <br /> action of or direction by the Council,to the Bond Fund. Monies on deposit in and to the credit of <br /> Project Fund may be invested by the Treasurer in any investments for City funds as may be from <br /> time to time authorized under Illinois law, without further official action of or direction by the <br /> Council. <br /> Without further official action of or direction by the Council if necessary to ensure the <br /> timely payment of principal of and interest on the Bonds, monies on deposit in the Project Fund <br /> may be transferred by the Treasurer at any time to the Bond Fund in anticipation of the collection <br /> of Pledged Taxes for the Project Bonds. Any amount so transferred shall be immediately repaid <br /> upon the collection of Pledged Taxes for the Project Bonds. <br /> At the time of the issuance of the Project Bonds,the costs of issuance of the Project Bonds <br /> may be paid by the Purchaser thereof on behalf of the City from the sale proceeds of the Project <br /> Bonds. <br /> Section 16. Non-Arbitrage and Tax-Exemption. The City hereby covenants that it will <br /> not take any action, omit to take any action or permit the taking or omission of any action within <br /> -28- <br />