Deposit of City Funds. The City Loan proceeds (“City Funds”) shall be segregated from Borrower’s other Sources of Financing (“Borrower’s Funds”), and deposited into a disbursement account held by the City, in accordance with the DDA.
Deposit of City Funds. SE will deposit daily all money received from the City’s customers into an account designated as the City’s “Operating Account” at a bank or other qualified depository selected by the City. All money which SE collects on behalf of the City are public funds. SE has no set-off, counterclaim, abatement, suspension or diminution rights against such money.
