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� 1 ' <br /> binding obligations with respect to the Project to be paid for <br /> with money received from the sale of the Bonds, said binding ob- <br /> ligations comprising binding contracts for the Project in not <br /> less than the amount of $100,000. <br /> B. More than $4,165,000 of the proceeds of the Bonds <br /> will be expended on or before December 1, 1992, for the purpose <br /> of paying costs of the Project, said date being within three <br /> years following the date of issue of the Bonds. <br /> C. All of the principal proceeds of the Bonds, and in- <br /> vestment earnings thereon, will be used, needed and expended for <br /> the purpose of paying costs of the Project, including expenses <br /> incidental thereto. <br /> D. Work on the Project is expected to proceed with due <br /> diligence to completion. <br /> E. No acquisition or improvement made as a part of the <br /> Project has been or is expected to be sold or otherwise disposed <br /> of in whole or in material part prior to the last maturity of the <br /> Bonds. "Material part" means (i) land, or ( ii) any improvement, <br /> or (iii) personal property or fixtures in excess of that which is <br /> expected to be sold, traded in or discarded upon wearing out or <br /> becoming obsolete. <br /> F. The City will receive the agreed-upon purchase <br /> price for the Bonds plus accrued interest. Accrued interest and <br /> premium, if any, on the Bonds are to be deposited into the Bond <br /> Fund and used to pay first interest coming due on the Bonds. <br /> -23- <br />