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6. Water Utility Fund (herein sometimes referred to as "Utility Fund"); (a) Disposition of Bond Proceeds. The proceeds of the sale of the bonds shall be placed by the Director of Finance as follows: 1. The accrued interest, if any, shall be placed in the Interest Fund. 2. The balance in the Construction Fund. Th~ city may deposit money received from any source in the Construction Fund. The money set aside and placed in the Construction Fund shall remain therein until from time to time ex- pended for the purposes for which the bonds were issued. Money in the Construction Fund may be invested in any authorized investments, provided that the maturity or maturities thereof shall not be later than the date or dates on which money must be available to meet scheduled Construc- tion Fund expenditures. If any sum remains in said Construction Fund after the full accomplish- ment of the purposes for which the bonds were issued, it shall be transferred to and placed in the Reserve Fund to the extent necessary at that time to bring the Reserve Fund up to an amount equal to the maximum amount of annual debt service and, as to any remaining balance, to the Revenue Fund. ('b) Revenue Fund. The Director of Finance shall, on or before the last business day of each calendar month (commencing in the month of July, 1962) deposit the gross revenues of the enterprise in the Revenue Fund. The Director of Finance shall transfer moneys from the Revenue Fund to the following funds in the following order of priority. (c) Interest Fund. On or before the last business day of each calendar month so long as any of the bonds are outstanding the Director of Finance shall set aside out of the Revenue Fund into the Interest Fund, at least one-sixth (lf6th) of the interest which will become due and payable on the outstanding bonds within the next ensuing six (6) months, except that for the first year after the date of the bonds, commencing in the month of July, 1962, the monthly sum transferred for interest shall be at least one-twelfth (l fl2) of the interest which will become due and payable at the end of the first year. Such sums shall be so transferred that at least the full amount required to pay the interest on said bonds shall be set aside in the Interest Fund prior to the date the installment of interest becomes due. Any amount required to be set aside, transferred to and placed in the Interest Fund may be prepaid in whole or in part by being earlier set aside, transferred to and placed in the Interest Fund, and in that event the monthly transfer which has been so prepaid need not be made at the time appointed therefor, in any event prior to the due date of any installment of interest on such bonds all sums required for the payment thereof must be in the Interest Fund. Money in the Interest Fund may be invested in any authorized investments, provided that the maturity or maturities thereof shall not be later than the date or dates on which money must be available in the Interest Fund. The interest coupons shall recite that they are payable from the Revenue Fund, but said coupons notwithstanding such recital shall be paid from the Interest Fund which is derived from the Revenue Fund. If after all of the bonds and any parity bonds have been redeemed and cancelled or paid and cancelled there are any moneys remaining in the Interest Fund said money shall be transferred to the Revenue Fund; provided, however, that if said moneys are part of the proceeds of refund- ing bonds said moneys shall be transferred to the fund or account created for the payment of the principal of such refunding bonds.