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(a) Construction Account. To the Construction Account <br />heretofore created by the Prior Resolution there shall be <br />credited the proceeds of the sale of the Bonds, less accrued <br />interest received thereon, and less any amount paid for the Bonds <br />in excess of 463,000, and less capitalized interest in the amount <br />of $ (together with interest earnings thereon and subject <br />to such other adjustments as are appropriate to provide <br />sufficient funds to pay interest due on the Bonds on or before <br />), plus any special assessments levied with <br />respect to the Revolving Fund Improvements and not required to <br />pay when due the principal of and interest on the Outstanding <br />Bonds, the Bonds, and any Additional Bonds, after taking into <br />account assessments, taxes and any other revenues and other sums <br />herein or hereafter pledged and appropriated to the Debt Service <br />Account and made available for that purpose. From the <br />Construction Account there shall be paid all costs and expenses <br />of making the Bond Funded Improvements listed in paragraph 16, <br />and any other Revolving Fund Improvements, including the cost of <br />any construction contracts heretofore let and all other costs <br />incurred and to be incurred of the kind authorized in Minnesota <br />Statutes, Section 475.65; and the moneys in said account shall be <br />used for no other purpose except as otherwise provided by law; <br />provided that the proceeds of the Bonds may also be used to the <br />extent necessary to pay interest on the Bonds due prior to the <br />anticipated date of commencement of the collection of special <br />assessments herein covenanted to be levied. <br />(b) Debt Service Account. There are hereby irrevocably <br />appropriated and pledged to, and there shall be credited to, the <br />Debt Service Account: (i) all collections of special assessments <br />herein covenanted to be levied or hereafter levied with respect <br />to the Revolving Fund Improvements and required to pay when due <br />the principal of and interest on the Outstanding Bonds, the <br />Bonds, and any Additional Bonds, after taking into account <br />assessments, taxes and any other revenues and other sums herein <br />or hereafter pledged and appropriated to the Debt Service Account <br />and made available for that purpose; (ii) all accrued interest <br />received upon delivery of the Bonds; (iii) all funds paid for the <br />Bonds in excess of 463,000; (iv) capitalized interest in the <br />amount of $ (together with interest earnings thereon and <br />subject to such other adjustments as are appropriate to provide <br />sufficient funds to pay interest due on the Bonds on or before <br />); (v) any collections of all taxes which may <br />hereafter be levied in the event that the special assessments <br />herein pledged to the payment of the principal and interest on <br />the Bonds are insufficient therefor; (vi) all funds remaining in <br />the Construction Account after completion of all Revolving Fund <br />Improvements and payment of the costs thereof; (vii) all <br />investment earnings on funds held in the Debt Service Account; <br />and (viii) any and all other moneys which are properly available <br />and are appropriated by the governing body of the City to the <br />Debt Service Account. The Debt Service Account shall be used <br />1093421.1 <br />Page 102 <br />