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ti <br /> � . <br /> , � <br /> • , �• <br /> � . <br /> fund or account from which advances to the Bond Fund may have been made to pay <br /> principal of or interest on the Bonds prior to receipt of Pledged Taxes. Interest income or <br /> investment profit earned in the Bond Fund shall be retained in the Bond Fund for payment <br /> of the principal of or interest on the Bonds on the interest payment date next after such <br /> interest or profit is received. The City hereby pledges, as equal and ratable security for the <br /> Bonds, all present and future proceeds of the Pledged Taxes for the sole benefit of the <br /> registered owners of the Bonds. <br /> C. The amount necessary from the proceeds of the Bonds as deternuned by the <br /> City Treasurer shall be deposited into a separate fund, hereby created, designated the <br /> "Ezpense Fund" to be_used to pay expenses of issuance of the Bonds. Disbursements from <br /> such fund shall be made from time to time as necessary. Any excess in said fund shall be <br /> deposited the Bond Fund after six months from the date of issuance of the Bonds. <br /> D. The remaining proceeds of the Bonds as is necessary, together with such money <br /> in the debt service fund for the Prior Bonds as may be advisable for the purpose, shall be <br /> used to provide for the Refunding, including the payment of such expenses as may be ' <br /> designated, pursuant to the provisions of an Escrow Agreement with the Escrow Agent as is <br /> designated, all in accordance with the provisions of an Escrow Agreement, substantially in <br /> the form attached hereto as Exhibit A to this Ordinance, made a part hereof by this <br /> reference, and hereby approved; the officers appearing signatory to such Escrow Agreement <br /> are hereby authorized and directed to execute same, their execution to constitute conclusive <br /> proof of action in accordance with this Ordinance, and approval of all completions or <br /> revisions necessary or appropriate to effect the Refunding. <br /> Section I5. 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 <br /> -30- <br />