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pursuant to levies made under the lease to the extent not deposited in the Refunding Fund; and (vi) any other funds appropriated for the.payment of principal or interest on the CIP Bonds. The Finance Director must report to the City Council any current or anticipated deficiency in the CIP Bonds Account or in the availability of CIP Taxes to pay principal of and interest on the CIP Bonds. If a payment of principal or interest on the CIP Bonds becomes due when there is not sufficient money in the CIP Bonds Account in the Debt Service Fund to pay the same, the City Finance Director is directed to pay such principal or interest from the general fund of the City, and the general fund will be reimbursed for the advances out of the proceeds of CIP Taxes when collected. 4.02 Improvement Project Construction Fund. The proceeds of the Improvement Bonds, net of the amounts deposited in accordance with Section 4.01(a), together with any other fiends appropriated during the construction of the Improvement Project and Assessments collected during the construction of the Improvement Project, will be deposited in a separate construction fund (the "Improvement Project Construction Fund") to be used solely to defray expenses of the Improvement Project and the payment of principal of and interest on the Improvement Bonds prior to the completion and payment of all costs of the Improvement Project. Any balance remaining in the Improvement Project Construction Fund after the Improvement Project is completed and the costs thereof have been paid may be used as provided in Minnesota Statutes, section 475.65, under the direction of the City Council. Thereafter, the Improvement Project Construction Fund is to be closed and any balance remaining therein and subsequent collections of Assessments for the hmprovement Project are to be deposited in the Improvement Bonds Account of the Debt Service Fund. 4.03 Sewer Improvements Construction Fund. The proceeds of the Sewer Improvements portion of the Utility Bonds, net of the amounts deposited in accordance with Section 4.01(b) and Section 4.05, together with any other funds appropriated during the construction of the Sewer Improvements, will be deposited in a separate construction fund (the "Sewer Improvements Construction Fund") to be used solely to defray expenses of the Sewer Improvements Project and the payment of principal of and interest on the Utility Bonds prior to the completion and payment of all costs of the Sewer Improvements Project. Any balance remaining in the Sewer Improvements Construction Fund after the Sewer Improvements Project is completed and the costs thereof have been paid may be used as provided in Minnesota Statutes, section 475.65, under the direction of the City Council. Thereafter, the Sewer Improvements Construction Fund is to be closed and any balance remaining therein are to be deposited in the Utility Bonds Account of the Debt Service Fund. 4.04. CIP Project Construction Fund. The proceeds of the CIP Bonds, net of the amounts deposited in accordance with Section 4.01(c) and Section 4.06, together with any other funds appropriated during the construction of the CIP Project, will be deposited in a separate construction fund (the "CIP Project Construction Fund") to be used solely to defray expenses of the CIP Project and the payment of principal of and interest on the CIP Bonds prior to the completion and payment of all costs of the CIP Project. Any balance remaining in the CIP Project Construction Fund after the CIP Project is completed and the costs thereof have been paid may be used as provided in Minnesota Statutes, section 475.65, under the direction of the City Council. Thereafter, the CIP Project Construction Fund is to be closed and any balance remaining therein are to be deposited in the CIP Bonds Account of the Debt Service Fund. LA515-85-748617.d2 10