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C. The amount necessary from the sale proceeds of the Bonds shall be deposited into a <br /> separate fund,hereby created, designated the "Series 2022 Expense Fund"to be used as necessary <br /> to pay expenses of issuance of the Bonds. Disbursements from such fund shall be made from time <br /> to time as necessary. Any excess in said fund shall be transmitted by the Treasurer for deposit into <br /> the Bond Fund after six months from the date of issuance of the Bonds. <br /> D. The remaining sale proceeds of the Bonds shall be used to pay costs of the Project <br /> and to that end shall be deposited into a separate and segregated account of the City, hereby <br /> created, and to be known as the "Series 2022 Water and Sewer Infrastructure Project Fund"(the <br /> "Project Fund"). Monies on deposit in and to the credit of the Project Fund shall be disbursed <br /> from time to time as needed by the Treasurer, without further official action or direction of the <br /> Council, in accordance with normal City procedures for disbursements of corporate funds for <br /> capital projects. Upon the completion of the Project, as certified to the Treasurer by the architect <br /> or engineer in responsible charge of the Project, remaining funds, if any, on deposit in and to the <br /> credit of the Project Fund shall be transferred by the Treasurer, without further official action of <br /> or direction by the Council,to the Bond Fund. Monies on deposit in and to the credit of the Project <br /> Fund may be invested by the Treasurer in any investments for City funds as may be from time to <br /> time authorized under Illinois law,without further official action of or direction by the 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. Any amount so transferred shall be immediately repaid upon the collection of <br /> Pledged Taxes. <br /> Section 17. 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 /> -24- <br />