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. . � <br /> -16- <br /> for deposit in the Construction Fund hereinafter provided for. <br /> Section 7 . That sub�ect to the withdrawal of certain <br /> monies as provided for in Section 6 hereof, the proceeds received <br /> from the sale of the bonds herein authorized shall be deposited <br /> into a Construction Account to be designated "Surface Water <br /> Drainage System of the City of Decatur, Illinois - 1982" , and be <br /> used solely and only for the purpose for which the bonds were <br /> authorized. <br /> The eouncil of said City further covenants and agrees <br /> with the purchaser and holders of the bonds herein authorized <br /> that so long as any of said bonds remain outstanding, the said <br /> City of Decatur and any of its officers will take no action in <br /> the investment of funds which may be to the credit of any of the <br /> funds provided for in this ordinance, which action would result <br /> in making the interest payable on any of said bonds herein author- <br /> ized sub�ect to federal income taxes by reason of said bonds <br /> being classified as "arbitrage bonds" within the meaning of <br /> Section 103(c) of the Internal Revenue Code of 1954, as amended, <br /> and any regulations promulgated or proposed thereunder, including <br /> Sections 1.103-13 and 1.103-14 of the Income Tax Regulations <br /> (26 CFR Part 1) , as the same presently exist, or may from time to <br /> time hereafter be amended. The said Council reserves the right <br /> for its proper officers to make any investment of such monies <br /> permitted by state law if, when and to the extent that said <br />