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If at any time said taxes are not collected in time to pay the principal of or interest on the Bonds <br />when due, the Finance Director is hereby authorized and directed to pay said principal or interest out of <br />the general funds of the City and to reimburse said general funds for money so expended when said taxes <br />are collected. <br /> <br />ARTICLE V <br /> <br /> ESTABLISHMENT OF FUNDS; <br />DEPOSIT AND APPLICATION OF MONEYS <br /> <br /> Section 501. Establishment of Funds. There have been or shall be established in the treasury of <br />the City and shall be held and administered by the Finance Director of the City the following separate <br />funds: <br /> <br />(a) Construction Fund, and within such Fund the following subaccounts: <br /> <br />(i) Proposition B Subaccount (Streets) <br />(ii) Proposition C Subaccount (Parks-General) <br />(iii) Proposition D Subaccount (Delmar Loop East Business District) <br />(iv) Proposition E Subaccount (Civic Plaza Historic District) <br />(v) Proposition F Subaccount (Heman Park) <br /> <br />Co) Debt Service Fund. <br /> <br /> Section 502. Devosit of Bond Proceeds. The net proceeds received from the sale of the Bonds <br />shall be deposited simultaneously with the delivery of the Bonds as follows: ' <br /> <br /> (a) All accrued interest and premium, if any, received from the sale of the Bonds <br />shall be deposited in the Debt Service Fund and applied in accordance with Section 504 hereof. <br /> <br /> (b) The remaining balance of the proceeds derived from the sale of the Bonds shall <br />be deposited in the several subaccounts within the Construction Fund as follows and shall be <br />applied in accordance with Section 503 hereof: <br /> <br />- Proposition B Subaccount (Streets): $1,746,000 <br />- Proposition C Subaccount (Parks-General): $796,000 <br />- Proposition D Subaccount (Delmar Loop East Business District): $500,000 <br />- Proposition E Subaccount (Civic Plaza Historic District): $500,000 <br />- Proposition F Subaccount (Heman Park): $933,000 <br /> <br /> Section 503. Application of Moneys in the Construction Fund. Moneys in the Construction Fund <br />shall be used by the City solely for the purpose of (a) paying the costs of the various projects and <br />improvements for which the Bonds have been voted and authorized, as hereinbefore provided, in <br />accordance with the plans and specifications therefor prepared by the City's architects and engineers and <br />on file in the office of the City Clerk, including any alterations in or amendments to said plans and <br />specifications deemed advisable by the City's architects or engineers and appr0ved by the City Council, <br />and Co) paying the costs and expenses of issuing the Bonds. <br /> <br />-13- <br /> <br /> <br />