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<br />Section 3. Disposition of Bond Proceeds. When the <br /> <br />bonds have been duly executed, the City Treasurer is hereby directed <br /> <br />to ~e v~_ the bonds to the purchaser thereof on receipt of the <br /> <br />agre~a purchase price thE!refor. The proceeds of the bonds shall <br /> <br />be used only for the purpose of constructing and equipping a swim- <br /> <br />ming pool and related facilities to be located next to the com- <br /> <br />munity building on the WE!st side of Grant Avenue between Spruce <br /> <br />and Walnut Streets, in the City and for paying the costs and expenses <br /> <br />incurred incidental to the issuance of said bonds and for no other <br /> <br />purpose whatever. Neithe~r the purchaser of said bonds nor the sub- <br /> <br />sequent holder of any of them shall be responsible for the application <br /> <br />or disposal by the City, or any of its officers, of any of the <br /> <br />funds derived from the sale thereof. <br /> <br />Allor any port:ion of the bond proceeds may be temporarily <br /> <br />I <br />i~vested. or reinvested, pending such use, in securities or obligations <br /> <br />whiCh are ..Lawful investmEmts for such municipalities in the State <br /> <br />of Colora.do. It is hereby covenanted and agreed by the City that <br /> <br />the temporary investment or reinvestment of the bond proceeds, or <br /> <br />any portion thereof, shall be of such nature and extent, and for <br /> <br />such period, that the bonds of the City shall not be or become <br /> <br />"arbitrage bonds" within the meaning of Section 103(d) of the <br /> <br />Internal Revenue Code,and pertinent regulations, and such pro- <br /> <br />ceeds, if so invested or reinvested, shall be subject to the <br /> <br />11~itations and restrictions of said Section 103 (d) (4), as the <br /> <br />same now exists or may later be amended, and shall further be <br /> <br />subject to any applicabll~ regulations of the Internal Revenue <br /> <br />Service. <br /> <br />Section 4. Payment of Principal and Interest. If <br /> <br />nece~sary, the amount of interest to become due on said Bonds on <br /> <br />NCJm.er 1, 1973 shall be advanced from any other fund or funds <br /> <br />of t~e City lawfully available therefor. For the purpose of <br /> <br />reimbursing said fund, paying the interest accruing on said bonds <br /> <br />p{'om~ .ly and as the same thereafter becomes due and providing f,H <br /> <br />- 34 - <br />