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<br />. <br /> <br />. <br /> <br />. <br /> <br />311080.1 <br /> <br />(i) Escrow Account. The proceeds of the sale of the <br />Bonds, less such proceeds of the Bonds (if any) as may be <br />used to pay issuance expenses or hereinafter directed for <br />deposit into the Debt Service Account, plus any other <br />available municipal funds ("Other Funds"), if any, as may be <br />required to adequately fund the Escrow Account (under the <br />Escrow Agreement) to accomplish its purposes, are hereby <br />pledged and appropriated and shall be credited to the Escrow <br />Account. The Escrow Account shall be maintained as an <br />escrow account with the Escrow Agent which is and shall be a <br />suitable financial institution within the State of Minnesota <br />whose deposits are insured by the Federal Deposit Insurance <br />Corporation and whose combined capital and surplus is at <br />least $500,000. All proceeds of the sale of the Bonds to be <br />received by the Escrow Agent shall be applied to fund the <br />Escrow Account or to pay costs of issuing the Bonds. Such <br />proceeds of the Bonds (together with the Other Funds, if <br />any) which are not used by the Escrow Agent to pay costs of <br />issuance of the Bonds are hereby irrevocably pledged and <br />appropriated to the Escrow Account, together with all <br />investment earnings thereon. The Escrow Account shall be <br />invested in securities maturing or callable at the option of <br />the holder thereof on such dates and bearing interest at <br />such rates as shall be required to provide funds sufficient, <br />tosecner with any cash or other funds retained in the Escrow <br />Account, to pay (1) when called for redemption on February <br />1, 1997, the principal amount of each of the Refunded Bonds <br />and (2) the regularly-scheduled interest and principal <br />payments which hereafter come due on the Refunded Bonds up <br />to and including said prepayment date. The moneys in the <br />Escrow Account shall be used solely for the purposes herein <br />set forth and for no other purpose, except that any surplus <br />in the Escrow Account shall be remitted to the City, all in <br />accordance with the terms of the Escrow Agreement. Such <br />Other Funds, if any, as may be required to fully fund the <br />Escrow Account as described above are hereby appropriated <br />for said purpose and their investment and disbursement <br />provided in the Escrow Agreement are hereby authorized and <br />approved. <br /> <br />(ii) Debt Service Account. To the Debt Service Account <br />there are hereby pledged and irrevocably appropriated and <br />there shall be credited: (1) all accrued interest received <br />upon delivery of the Bonds which is not then deposited into <br />the Escrow Account; (2) the tax increments and other <br />revenues derived by the City from the Tax Increment Pledge <br />Agreement described in paragraph 30 of this Resolution, but <br />only in amounts and at such times as will be sufficient <br />(together with other amounts in the Debt Service Account) to <br />pay, when due, the principal of and interest on the Bonds; <br />(3) all collections of any ad valorem taxes hereafter levied <br />for the payment of the Bonds; (4) all investment earnings on <br />funds held in the Debt Service Account; and (5) any amounts <br /> <br />19 <br />