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7 (e) In the event that any transfer or exchange of Bonds is permitted under paragraph (b) or (c) hereof, such transfer or exchange shall be accomplished upon receipt by the Registrar of the Bonds to be transferred or exchanged and appropriate instruments of transfer to the permitted transferee in accordance with the provisions of this resolution. In the event Bonds in the form of certificates are issued to owners other than Cede & Co., its successor as nominee for DTC as owner of all the Bonds, or another securities depository as owner of all the Bonds, the provisions of this resolution shall also apply to all matters relating thereto, including, without limitation, the printing of such Bonds in the form of physical certificates and the method of payment of principal of and interest on such Bonds in the form of physical certificates. 2.09. Form of Bonds. The Bonds shall be prepared in substantially the form found at EXHIBIT A attached hereto. Section 3. USE OF PROCEEDS; PROJECT FUND. 3.01. Project Fund There is hereby created a special bookkeeping fund to be designated as the “General Obligation Bonds, Series 2017A Project Fund” (the “Project Fund”), to be held and administered by the City Administrator separate and apart from all other funds of the City. Within the Project Fund are established the following accounts: (a) Improvements Project Account. The Improvements Account shall be credited with (i) $4,408,111.93 from the proceeds from the Bonds and (ii) all special assessments collected with respect to the improvements until all costs of such improvements have been fully paid. The City Administrator shall maintain the Improvements Account until payment of all costs and expenses incurred in connection with the construction of the Improvements Project have been paid. (b) Utility Project Account. The Utility Project Account shall be credited with $4,581,328 from the proceeds of the Bonds. The City Administrator shall maintain the Utility Project Account until all costs and expenses incurred by the City in connection with the construction of the Utility Project have been paid. (c) Equipment Account. The Equipment Account shall be credited with $274,470.77 from the proceeds of the Bonds. The City Administrator shall maintain the Equipment Account until all costs and expenses incurred by the City in connection with the Equipment have been paid. From the Project Fund there shall be paid all costs and expenses related to the construction and acquisition of the Project. After payment of all such costs and expenses, the Project Fund shall be terminated. All funds on hand in the Project Fund when terminated shall be credited to the Bond Fund described in Section 4 hereof, unless and except as such proceeds may be transferred to some other fund or account as to which the City has received from bond counsel an opinion that such other transfer is permitted by applicable laws and does not impair the exemption of interest on the Bonds from federal income taxes. In no event shall funds remain in the Project Fund later than June 1, 2022.