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. . . _ <br /> � . � <br /> earned in the Bond Fund shall be retained in the Bond Fund for payment of the principal of or <br /> interest on the Bonds on the interest payment date next after such interest or profit is received. <br /> The Ciry hereby pledges, as equal and ratable security for the Bonds, all present and future i <br /> proceeds of the Pledged Taxes for the sole benefit of the registered owners of the Bonds. II <br /> C. The amount necessary from the proceeds of the Bonds as determined by the City <br /> • Treasurer shall be deposited into a separate fund, hereby created, designated the "Expense <br /> Fund" to be used to pay expenses of issuance of the Bonds. Disbursements from such fi:nd shall <br /> be made from time to time as necessary. Any excess in said fund shall be deposited the Bond <br /> Fund after six months from the date of issuance of the Bonds. <br /> D. The remain.ing proceeds of the Bonds as is necessary, together with such money <br /> in the funds held for the 1985 Bonds as may be advisabie for the purpose, shall be deposited into <br /> the Escrow Fund and used to provide for the Refunding, including the payment of such expenses <br /> as may be designated. <br /> Section 1 S. General Arbitrage Covenants. The City covenants with the purchasers <br /> and registered owners of the Bonds from time to time outstanding that moneys on deposit in any <br /> fund or account in connection with the Bonds, whether or not such moneys were derived from <br /> the proceeds of the sale of the Bonds or from any other source, will not be used in a manner <br /> which will cause the Bonds to be "arbitrage bonds" within the meaning of Code Section 148 and <br /> any lawful regulations promulgated thereunder, as the same presently exist or may from time to <br /> time hereafter be amended,supplemented or revised. <br /> Section 16. Registered Form. The City recognizes that Section 149 of the Code <br /> requires the Bonds to be issued and to remain in fully registered form in order to be and remain <br /> Tax-exempt. In this connection, the City agrees that it will not take any action to pernut the <br /> Bonds to be issued in,or converted into,bearer or coupon form. <br /> -28- <br />