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apart from all other funds of the Village. Said fund shall be main- tained in the manner herein specified until all of the bonds herein authorized and the interest thereon have been fully paid. In said fund there shall be maintained two separate accounts, to be desig- nated as the "Construction Account" and the "Sinking Fund Account", respectively.. The proceeds of sale of the bonds herein authorized, less accrued interest received thereon, shall be credited to the Con- struction Account, together with any such other monies as shall be appropriated to said account from other Village funds, and from said account there shall be paid all costs and expenses of making said improvement, as incurred and allowed, and the monies in said account shall be used for no other purpose; provided, that if upon completion of said improvement there shall remain any unexpended balance in said Construction Account, such balance shall be transferred to the Sinking Fund Account. There shall be credited to the Sinking Fund Account all collections of the special assessments and general taxes herein agreed to be levied, and all accrued interest received upon delivery of said bonds, and any other monies which may from time to time be appropriated for the payment of the bonds herein authorized. The monies in said account shall be held and used only for the payment of the principal of and interest on said bonds as such payments. become due. The full faith and credit of the Village shall be and are hereby pledged to pay said bonds and interest, and the principal and interest thereof shall be paid out of any funds in the treasury, if the monies on hand in said sinking fund account are at any time insufficient to meet the pay- ment of maturing principal and interest. 5. It is hereby determined that no less than Twenty-eight thousand, nine hundred DOLLARS ($28,800) of the total cost of said improvement shall be paid by special assessments to be levied upon all assessable lots, pieces and parcels of land within the area heretofore determined to be assessable for said improvement in amounts proportion- ate to the benefits received by each such lot, piece or parcel; and the Village hereby covenants and agrees that it will do and perform, as soon as may be, all acts and things necessary for the final and valid levy of such assessments. If any assessment 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's offi- cers or employees, either in the making of such assessment fir in the performance of any condition precedent thereto, the Village and this Council hereby covenant and agree that they 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 u on such pro- perty. Said assessments shall be payable in nineteen (19~, equal, consecutive, annual installments, the first of said installments to be payable with general taxes for the year 1960 collectib~ with such taxes during the year 1861. Deferred installments shall bear interest at the rate of six (6~) percent per annum. To the first installment