A. Disposition, Expansion Of Treatment Works: Eighty percent (80%) of the retained amounts, together with interest earned thereon, shall be used solely for the eligible costs of the expansion or reconstruction of treatment works associated with the project and necessary to meet the requirements of the Federal Act and the State of Illinois. Prior to commitment of the retained amounts, the City shall obtain written approval of the Illinois Environmental Protection Agency for an expansion or reconstruction. The remainder of the retained amount may be used for such expenditures as the City deems appropriate.
B. Investment Required: Pending use, the grantee shall invest the retained amounts for reconstruction and expansion in:
1. Obligations of the U.S. government; or
2. Obligations guaranteed as to principal and interest by the U.S. government or any agency thereof; or
3. Shall deposit such amounts in accounts fully collateralized by obligations of the U.S. government or by obligations fully guaranteed as to principal and interest by the U.S. government or any agency thereof. (Ord. 146, 1980)