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200 6. The bonds shall be prepared under the direction of the Village Clerk and shall be executed on behalf of the Village''by the signature of the Mayor, on bonds numbered 1 to 262, both inclusive, and his lithographed signature on bonds numbered 263 to 525, both inclusive; and by the signature of the Clerk on bonds numbered 262 to 525, both inclusive, and his lithographed signature on bonds numbered 1 to 262, both inclusive. The cor- e porate seal shall be affixed thereto, and the interest coupons shall be executed and authenticated by the printed, engraved or lithographed facsimile signatures of said officers. When said bonds have been so prepared and executed, they shall be delivered to the Village Treasurer who shall deliver the same to the purcha- ser thereof as hereinafter provided, but the purchaser shall not.. be required to see to the proper application of the purchase price. 7. There is hereby created a special fund to be designated as "General Obligation Refunding Sewer Improvement Bonds of 1g 63 Fund," to be held and administered by the Village Treasurer sepa- rate and apart from all other funds of the Village. Said fund:: shall be maintained 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 "Escrow Account" and the "Sink- ing Fund Account" respectively. The proceeds of the sale of the bonds herein authorized, less accrued interest received thereon, and so much of the Sinking Fund balance of the obligations listed in paragraph 1 hereof and cash as shall be necessary to pay the interest on the obligations to be refunded to their maturity or the date on which they are called for redemption, whichever date is earlier, are hereby pledged and appropriated and shall be cre- dated to the Escrow Account. (a) The Escrow Account shall be deposited together with any other funds available and appropriated by the Council for that purpose in escrow with a suitable banking institution within or without the State, whose deposits are insured by the Federal Deposit Insurance Corporation and whose combined capital and sur- plus is not less than $1,000,000, and shall be invested in secur- ities maturing or callable at the option of the holder on such dates and bearing such interest at such rates as shall be required to provide sufficient funds together with any cash or other funds retained in the Escrow Account to pay when due the interest to ac- crue on each obligation refunded to its maturity or to the date on which it is called as herein provided and to pay the principal amount of each such obligation at maturity or on the date on which it has been called for redemption and to pay any premium required for redemption on such date, and the monies in said Escrow Account shall be used solely for the purposes herein set forth and for no other purpose, except that if any balance shall remain in said Escrow Account after all of the principal, interest and premium has been paid on all of the bonds refunded pursuant to this reso- ~ lution then such balance shall be transferred to the Sinking Fund Account established hereunder. -5 -