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• PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER OF ASSIGNEE: Signature Guaranteed: Signature(s) must be guaranteed by a commercial bank or trust company or by a brokerage firm having a membership in one of the major stock exchanges. Section 3. Use of ProceedG. There is hereby established on the official books and records of the Issuer a Series 1996 Tax Increment Fund (the TIF Fund), and the Issuer shall continue to maintain the TIF Fund until payment of all costs and expenses incurred in connection with the improvements specified in the Tax Increment Financing Plans and financed by the Bonds have been paid. To the TIF Fund there shall be credited from the proceeds of the Bonds, exclusive of unused discount and accrued interest, an amount which together with other funds available for such purpose will be equal to the estimated cost of the improvements financed by the Bonds and from the TIF Fund there shall be paid all such construction costs and expenses. After payment of all construction costs, the TIF Fund shall be discontinued and any Bond proceeds remaining therein shall be credited against the debt service payments next due. All Bond proceeds not so transferred, shall be credited to the Series 1996 Tax Increment Bond Fund of the Issuer. All proceeds of the Bonds deposited in the TIF Fund will be expended solely for the payment of the costs of street scape amenities, road reconstruction, upgrade of utilities and installation of storm sewers for the Larpenteur Avenue project, and other tax increment eligible improvement costs described in the • Tax Increment Financing Plan (or other improvements authorized pursuant to Minnesota Statutes, Section 475.65, the TIF Act and the Tax Increment Financing Plans). All improvements so financed will be owned and maintained by the Issuer. The Issuer shall not enter into any lease, use or other agreement with any non-governmental person or the federal government relating to the use of the improvements or security for the payment of the Bonds which might cause the Bonds to be considered "private activity bonds" or "private loan bonds" pursuant to Section 141 of the Internal Revenue Code of 1986, as amended (the Code) or to be federally guaranteed bonds under Section 149 of the Code. Section 4. Bond Fund a_nd Tax ,eve. 4.01. Sinking Fund. So long as any of the Bonds are outstanding and any principal of or interest thereon unpaid, the Issuer shall maintain a separate debt service fund on the official books and records of the Issuer to be known as the Series 1996 Tax Increment Bond Fund (the Bond Fund), and the principal of and interest on the Bonds shall be payable from the Bond Fund. The Issuer irrevocably appropriates to the Bond Fund (a) any amount in excess of $1,623,615 received from the Purchaser; (b) the sum of $ -o- from the proceeds of the Bonds to be utilized to pay interest on the Bonds through and including August 1; 1997; (c) the tax increments derived from the Tax Increment Districts (less any amounts subject to a prior pledge to another use); and (d) all other moneys as shall be appropriated by the City Council of the Issuer to the Bond Fund from time to time. If the balance in the Bond Fund is at any time insufficient to pay all interest and • 1452997 12