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, <br /> Y` <br /> other legally available City moneys into the Bond Fund so as to provide for the timely payment <br /> of the Bonds. <br /> Interest income or investment profit earned in the Bond Fund shall be retained in the <br /> Bond Fund for payment of the principal of or interest on the Bonds on the interest payment date <br /> next after such interest or profit is received. The City hereby pledges, as equal and ratable <br /> security for the Bonds, all present and future proceeds of the Bond Moneys for the sole benefit of <br /> the registered owners of the Bonds, as described in the preceding sentence. <br /> Accrued interest received from the sale of the Bonds shall be deposited to the Bond Fund. <br /> B. The amount necessary from the proceeds of the Bonds shall be deposited into a <br /> « �, <br /> se arate fund hereb created desi nated the 2008 Ex ense Fund to be used as necessa to <br /> , � P rY <br /> P Y g <br /> 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 City Treasurer for <br /> deposit into the Bond Fund after six months from the date of issuance of the Bonds. <br /> C. $3,042,400 of the proceeds of the Bonds shall be paid by the City Treasurer to the <br /> holders of Refunded Notes simultaneously with the delivery of the Bonds to the Purchaser. <br /> D. The remainder of the amounts received from the sale of the Bonds shall be used to <br /> pay costs of the 2008 Capital Improvement Projects and to that end shall be deposited into a <br /> separate and segregated account of the City, hereby created, and to be known as the "2008 <br /> Public Capital Improvement Projects Fund" (the "2008 Project Fund"). Monies on deposit in <br /> and to the credit of the 2008 Project Fund shall be disbursed from time to time as needed by the <br /> City Treasurer, without further official action or direction of the Corporate Authorities, in <br /> accordance with normal City procedures for disbursements of co�porate funds for capital <br /> projects. Upon the completion of the 2008 Public Capital Improvem�'nt Projects, as certified to <br /> the City Treasurer by the architect or engineer in responsible charge of the 2008 Public Capital <br /> -29- <br />