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8 contract providing for the retention of a portion of the contract price, there shall be paid from the Construction Accountonly the net amount remaining after deduction of any such portion. When acquisition, construction and installation of the Pro~ect has been completed and all costs thereof have'been paid or provisions for such payment has been made, any balance remaining in the Construction Account shalt ~ disposed of as required by EPA and, in the absence of a requirement of the EPA, shall be paid over to the City. (c~ There shall be established a trust fund to be designated the "City of Portsmouth, Virginia, Grant Anticipation Note~, Series of 1982, Note Repayment Account" (the~"Note Repayment Account"), to be held in trust and administered by theCity under 'this Resolution. Upon issuance of the Notes, there shall be deposited into the Note Repayment Accot~nt from the proceeds of the sale of the Notes the amount provided in Section 10(a) (i). The cash and securities in the Note Repayment Account shall be applied solel~ to the payment of the principal of and interest on the Not'es upon their maturity. There_shall also be deposited in the Note Repayment Account the proceeds of the Grant to %he extent such proceeds exceed $1,204,O20 received by the City ~nd except that the City is hereby authorized, upon receipt of any such proceeds, to transfer Governmental Obli~ations from the Construction Account into the Note Repayment Account and to deposit into the Construction Account proceeds from the Grant in the same principal amount as the Governmental Obligations so transferred. Upon the payment in futl~of ali sums d~e by way of principal and interest on the Notes any sums remalnlng in the Note Repayment Account shall be transferred to the Construction Account. The term "Governmental Obligations" shall mean securities which are direct obligations of, or whose principal and interest are guaranteed by, the United States of America or agencies of the United States of America. (d) All moneys in the Note Repayment Account shall be invested a~d reinvested in Governmental Obligations with maturities consonant with the anticipated uses for funds as indicated by the City. Interest earned on the investments in the Note Repayment Account shall be transferred as received to and become a part of the Construction Account. All moneys in the Construction Account shall be invested and reinvested in Governmental Obligations with maturities consonant with the anticipated use of funds in the Construction Account as indicated by the City. All income received from such investment shall be added to and become a part of the Construction Account.