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taxes to be in addition to and in excess of all other taxes here- <br /> tofore or hereafter authorized to be levied by the City on its <br /> behalf . <br /> Section 12. The proceeds from the sale of any of the <br /> Bonds shall be used as follows: <br /> (a) The sum representing the accrued interest received from ; <br /> any sale of Current Interest Bonds shall be used to pay ', <br /> the first interest becoming due on the Current Interest II <br /> Bonds sold. <br /> (b) The balance of the proceeds of the Bonds shall be set <br /> aside in a separate fund, hereby created, and desig- <br /> nated as the "Project Fund (1991) . " Money in said Fund <br /> shall be used to pay, or reimburse the City for the <br /> payment of, all costs of the Projects and all costs and <br /> expenses incidental or allocable or related thereto, <br /> including all costs of issuance of the Bonds. <br /> Section 13. The City covenants that it will take no <br /> action in the investment of the proceeds of the Bonds which would <br /> result in making the interest payable on any of the Bonds subject <br /> to federal income �axes by reason of the Bonds being classified <br /> as "arbitrage bonds" within the meaning of Section 148 of the <br /> Internal Revenue Code of 1986, as heretofore or hereafter amended <br /> (the "Code" ) . <br /> The City further covenants that it will act with re- <br /> spect to the proceeds of the Bonds, the earnings on the proceeds <br /> -37- <br />