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Attachment B funds to complete the Housing Improvements, the Association agrees that it will, within ten (10) calendar days of receipt of any such notice, deposit with the City the amount of funds specified in the notice and shall authorize the City to disburse such funds prior to disbursement of any additional proceeds of the Bonds. Section 3.3. Application of Project Fund Balance. Any amounts remaining in the Project Fund upon completion of the Housing Improvements shall be applied in accordance with Section 3.4 hereof. Section 3.4. Application of Fee Revenues or Fund Balance. In the event that, (a) any balance remains in the Project Fund upon the final disbursement therefrom for costs of the Housing Improvements; (b) there is any balance in the Surplus Fund described in Section 31(b), or (c) at any time before the Maturity Date the City has available to it Fee Revenues (excluding the proceeds of any refunding Bonds), together with amounts on hand in any funds or accounts under the Bond Resolution, in the amount sufficient to redeem or defease the Bonds in advance of their maturity, as determined by the City's Financial Advisor, the City may, in its sole discretion: (a) apply such excess Fee Revenues or fund balance to redeem or defease all or any portion of the Bonds; or (b) by resolution of the Council, disburse all or any portion of such excess Fee Revenues or Project Fund balance, as the case may be, to the Association for deposit into the replacement fund maintained by the Association (the "Replacement Reserve Fund"). The Association shall establish and maintain a separate subaccount in the Replacement Reserve Fund (the "Excess Revenue Subaccount") in which excess Fee Revenues or any fund balance deposited hereunder, together with interest earnings thereon, shall be maintained. Amounts in the Excess Revenue Subaccount of the Replacement Reserve Fund shall be expended only for Housing Improvements (as defined in the Enabling Ordinance) that are selected by the Association; provided that before making any disbursement of funds from the Excess Revenue Subaccount, the Association shall submit written plans and cost estimates for such Housing Improvements to the City's Authorized Representative, which plans shall be deemed approved unless rejected in writing by the City's Authorized Representative within 30 days after receipt thereof; or (c) any combination of paragraphs (a) and (b) above. Any balance remaining after the Maturity Date in the Bond Fund or any other fund into which Fee Revenues have been deposited shall be transferred by the City to the Association for deposit into the Excess Revenue Subaccount of the Replacement Reserve Fund. Expenditures from the Excess Revenue Subaccount shall be subject to the conditions described in clause (b) above. All covenants and obligations of the Association under this Section shall survive the Maturity Date. Section 3.5. Contin�encv Fund. Bond proceeds in the amount of $265,889.36 shall be deposited in a special Contingency Fund maintained by the City. The Contingency Fund may be invested as directed by the City and will be disbursed in accordance with this Section. If amounts in the Proj ect Fund are insufficient to pay all costs of the Housing Improvements, then amounts in the Contingency Fund shall be transferred to the Project Fund for disbursement therefrom in accordance with the Disbursing Agreement. Any balance remaining the Contingency Fund after issuance of the :