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a certificate of destruction evidencing such destruction shall be <br /> furnished by the Bond Registrar to the City. <br /> Section O. Lost Bonds. Any Bond that is lost, stolen, <br /> destroyed, or mutilated may be replaced or paid by the Bond <br /> Registrar in accordance with and subject to the limitations of <br /> applicable law. The applicant for any such replacement Bond shall <br /> post such security, pay such costs, and present such proof of <br /> ownership and loss as may be required by applicable law, or in the <br /> absence of specific requirements, as may be required by the Bond <br /> Registrar. <br /> Section 9. Disposition and Investment of Bond Proceeds. <br /> The proceeds of the Bonds shall be applied only to pay <br /> the costs and expenses of constructing the improvements in the <br /> District and all other costs and expenses incident thereto, <br /> including without limitation, the costs of issuing and securing <br /> the Bonds. Neither the underwriter nor any subsequent owners of <br /> the Bonds shall be responsible for the application or disposal by <br /> the City or any of its officers of the funds derived from the sale <br /> thereof. In the event that all of the proceeds of the Bonds are <br /> not required to pay such costs and expenses, any remaining amount <br /> shall be deposited to the Bond Fund hereinafter created, and used <br /> for the purpose of calling in and paying the principal of and <br /> interest on the Bonds. <br /> All or any portion of the Bond proceeds may be tempo- <br /> rarily invested or reinvested, pending such use, in securities or <br /> obligations which are lawful investments. It is hereby covenanted <br /> and agreed by the City that the temporary investment or <br /> reinvestment of the original proceeds of the Bonds, or of any <br /> moneys treated as proceeds of the Bonds within the meaning of <br /> Section 103(c) of the Internal Revenue Code of 1954, as amended <br /> (the 'Code' ), and pertinent regulations, rulings, and decisions, <br /> shall be of such nature and extent, for such period, and at such <br /> yield, that the Bonds shall not be or become arbitrage bonds <br /> within the meaning of Section 103(c) of the Code and pertinent <br /> regulations, rulings, and decisions. <br /> - 35 - <br />