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1986 t tained in_the manner herein specified until all of the bonds herein authorized and interest thereon shall have been fully paid. In said fund there shall be maintained two separate accounts, to be designated as the "Construction Account" and the "Sinking Fund Account" respectively. The proceeds of the sale of the bonds herein authorized, less accrued interest received thereon, shall. be credited to the Construction Account, from which there shall be paid all costs and expenses of making said improvements, in- cluding the costs of construction contracts heretofore let and all other costs incurred and to be incurred and the moneys in said ac- count shall be used for no other purpose, provided, that if upon completion of said improvements there shall remain any unexpended balance in said Construction Account, such balance shall be trans- ferred to the Sinking Fund Account. There shall be credited to the Sinking Fund Account all collections of the special assessments herein levied, all accrued interest received upon delivery of said bonds, all funds remaining in said Construction Account after com- pletion of the improvement and payment of the costs thereof and all collections of the taxes herein levied. The Sinking Fund Account shall be used solely to pay principal or interest on the bonds is- sued hereunder. 5. It is hereby determined that no less than $II~,~00 of the costs of said improvements shall be paid by special assess- ments to be levied against every assessable lot, piece and parcel of land benefited by the said improvements. The Village hereby covenants and agrees that it will do and perform, as soon as they may be done, all acts and things necessary for the final and valid levy of such special assessments, and in the event that any of such assessments be at any time held invalid with respect to any lot, piece or parcel of land, due to any error, defect or irregularity in any action or proceedings taken or to be taken by the Village or this Council or any of the Village officers or employees, either in the making of such assessment or in the performance of any condi- tion precedent thereto, the Village and this Council will forthwith do all such further acts and take all such further proceedings as may be required by law to make such assessment a valid and binding lien upon such property. Said assessments shall be payable in 20 equal, consecutive, annual installments, the first of said install- ments to be payable with general taxes for the year 196 4 , collec- table with such taxes during the year 1g6~. To the first install- ment there shall be added interest at the rate of~ per annum on the entire assessment from the date of the resolution levying the assessment until December 31, 196. To each subsequent install- ment there shall be added interest at said rate for one year on all unpaid installments. -5-