▁with ▁U . S . ▁and ▁British ▁administr ators ▁on ▁reconst ruction , ▁human itar ian ▁aid , ▁and ▁the ▁creation ▁of ▁a ▁new ▁government . ▁ ▁The ▁resolution ▁also ▁created ▁the ▁Development ▁Fund ▁for ▁Ira q , ▁which ▁collected ▁funds ▁from ▁oil ▁sales . ▁The ▁fund ▁was ▁initially ▁run ▁by ▁the ▁United ▁States ▁and ▁Britain ▁to ▁re build ▁the ▁country , ▁and ▁is ▁over seen ▁by ▁a ▁new ▁advis ory ▁body ▁composed ▁of ▁the ▁United ▁Nations ▁and ▁international ▁financial ▁institutions . ▁In ▁June ▁ 2 0 0 4 , ▁the ▁New ▁York ▁Times ▁reported ▁that ▁American ▁authorities ▁spent ▁$ 2 . 5 ▁billion ▁from ▁Ira qi ▁oil ▁re venue ▁despite ▁agre ements ▁that ▁the ▁oil ▁reven ues ▁should ▁be ▁set ▁aside ▁for ▁use ▁after ▁the ▁rest oration ▁of ▁Ira q ' s ▁so vere ig nt y . ▁ ▁On ▁ 1 4 ▁August ▁ 2 0 0 3 , ▁the ▁Security ▁Council ▁voted ▁ 1 4 – 0 ▁to ▁" wel come " ▁the ▁creation ▁of ▁the ▁Ira qi ▁G over ning ▁Council . ▁Resol ution ▁ 1 5 0 0 ▁stopped ▁short ▁of ▁formally ▁recogn izing ▁the ▁gover ning ▁council ▁as ▁Ira q ' s ▁legit imate ▁gover ning ▁body ▁but ▁called ▁it ▁an ▁" important ▁step " ▁towards ▁creating ▁a ▁so ver eign ▁government . ▁ ▁E lections ▁ ▁For ▁several ▁months ▁the ▁United ▁States ▁maintained ▁that ▁it ▁intended ▁to ▁conven e ▁a ▁constitution al ▁convention , ▁composed ▁of ▁influ ential ▁Ira q is . ▁However , ▁European ▁dem