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and future proceeds of the Pledged Taxes for the sole benefit of the registered owners of the <br /> Bonds, subject to the reserved right of the Council to transfer certain interest income or <br /> investment profit earned in the Bond Fund to other funds of the City, as described in the <br /> preceding sentence. <br /> C. Accrued interest on the Bonds and any premium received on the delivery of the <br /> Bonds are hereby appropriated for the purpose of paying interest due on the Bonds and are <br /> hereby ordered deposited into the Bond Fund. <br /> D. The sum of principal proceeds of the Bonds, including premium, if any, received <br /> upon delivery of the Bonds, as is necessary, together with such money in the debt service funds <br /> for the Refunded Bonds as may be advisable for the purpose, shall be used to provide for the <br /> Refunding, and the payment of such expenses as may be designated, pursuant to the provisions <br /> of an Escrow Agreement with the Escrow Agent as is designated, all in accordance with the <br /> provisions of an Escrow Agreement, substantially in the form attached hereto as Exhibit A to <br /> this Ordinance, made a part hereof by this reference, and hereby approved; the officers <br /> appearing signatory to such Escrow Agreement are hereby authorized and directed to execute <br /> same, their execution to constitute conclusive proof of action in accordance with this Ordinance, <br /> and approval of all completions or revisions necessary or appropriate to effect the Refunding. <br /> The City expressly authorizes the use of the Government Obligations as set forth in the Escrow <br /> Account as set forth in the Escrow Agreement. <br /> E. The remaining principal proceeds of the Bonds shall be set aside in the Bond Fund. <br /> Section 1 S. General Arbitrage Covenants. The City hereby covenants that it will not <br /> take any action, omit to take any action or permit the taking or omission of any action within its ' <br /> control (including, without limitation, making or permitting any use of the proceeds of the ' <br /> Bonds) if taking, permitting or omitting to take such action would cause any of the Bonds to be 'i <br /> -27- ' <br />