1933 RES CITY COUNCIL AUTHORIZED IN RES NO 1895 PROCESSING OF GRANT APPLICATION

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t _7-- . The 7rust Agreement shall provide for the payment of all revenues fron the Project into an account with the Trustee with provisions far the payrnent of current expenses there- from and the transfer of the net remaining funds into . appropriate additional accounts for the purpose of provid- ing a rnaintenance reserve, funds for current bond and/or note service, reserves for bond and/or note service and bond and/or note redemption, all in a manner and form acceptable to the Government. The funds in all such accounts shall be held in trust and shall be secured as reo;uired by law for deposit of Government funds. j. In the event a Trust Agreement is not required by the - Government, the Grantee/gorrower may be required by the Govern- ment to establish such accounts, perform such duties and,comply trrith such terms and conditions as the Government might . ordinarily require of a 7rustee in a Trust Agreement. k. The Grantee/Borrower shall establish such accounts and maintain such accounting procedures as may be necessary or helpfttl in the accurate accounting for and segregation of Project revenues and for the allocation of expenses, costs of maintenance and overhead. 1. Moneys on deposit to.the credit of accounts and funds established and maintained in conformity with tF►e provisions of this Ayreement or to fund payments from net revenues may be invested upon request by the Borrower, in direct obl'igations of, or obligations, the principal of and the interest on Urhich are guaranteed by the U. S. Government. Any interest earned on deposits of grant funds in advance af costs incurred shall inure to the benefit of the Government. m. So long as the Government holds any of the Bonds and/or Notes, it tivi 11 wai ve for such Sonds and/or Notes the noncal l abl p provisions,- r.edemption premiums, and publications and notice of ca11 applicable thereto Hrith respect to the Bonds and/or Notes held by the.Government. n. This Agreement is not for the benefit of third parties, including the holders in due course from time to time of any of the Qonds and/or Notes, and the Government shall be under na obligation to any such parties, whether or not indirect:ly interested in said Ayreement, to pay any charges or expenses inci dent to compl i ance by the Borrower tvi th any of i ts duti es or obligations thereunder. o r As long as the Bonds and/or Notes are held by the Government,. ithe Grantee/Qorror:er sha11 not dispose of its title to the Pro- ject or to any useful part thereof without first obtaining the - written consent of the Governm2nt. . . ~ 1.4