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.. <br />• on the fifteenth day of the calendar month next preceding such <br />interest payment date (the "Regular Record Date"). Any such <br />interest not so timely paid shall cease to be payable to the <br />person who is the Holder thereof as of the Regular Record Date, <br />and shall be payable to the person who is the Holder thereof at <br />the. close of business on a Special Record Date for the payment <br />of such defaulted interest. Such Special Record Date shall be <br />fixed by the Bond Registrar whenever money becomes available <br />for payment of the defaulted interest, and notice of the <br />Special Record Date shall be given by the Bond Registrar to the <br />Holders not less than 10 days prior thereto. <br />12. The City and the Bond Registrar may treat the <br />person in whose name any bond is registered as the owner of <br />such bond for the purpose of receiving payment of principal of <br />and premium, if any, and interest on (subject to the payment <br />provisions in paragraph 11 above), on such bond and for all <br />other purposes whatsoever whether or not such bond shall be <br />overdue, and neither the City nor the Bond Registrar shall be <br />affected by notice to the contrary.. <br />13. The bonds when so prepared and executed shall be <br />delivered by the Treasurer to the purchaser thereof upon <br />receipt of the purchase price, and the purchaser shall not be <br />obliged to see to the proper application thereof. <br />• 14. There is hereby created a special fund to be <br /> designated "General Obligation Tax Increment Improvement Bonds <br /> of 1983 Fund" (the "Fund") to be held and administered by the <br /> Treasurer separate and apart from all other funds of the City. <br /> The Fund shall be maintained in the manner herein specified <br /> until all of the bonds herein authorized and the interest <br /> thereon have been fully paid. There shall. be maintained in the <br /> Fund two separate accounts, to be designated the "Construction <br /> Account" and the "Debt Service Account", respectively. The <br /> proceeds of the sale of the bonds herein authorized, less any <br /> accrued interest received thereon, and less any amount paid for <br /> the bonds in excess of $514,706, and less capitalized interest <br /> in the amount of $ 18,437.50 (subject to such adjustments as <br /> are appropriate to provide sufficient funds to pay interest due <br /> on the bonds on or before July 1, 1984), plus any special. <br /> assessments levied with respect to the public improvements <br /> financed by the bonds and collected prior to completion of the <br /> public improvements and payment of the costs thereof, shall be <br />- - credited tq the Construction Account, from which there shall be <br /> paid-all costs and expenses of the Project, including the cost <br /> of any construction contracts heretofore let and. all other <br />- costs incurred and to be inEUrred to the kind authorized in <br /> Minnesota Statutes, Section 475.65; and the moneys in said <br />• <br />