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16. Golf Course Fund: Accounts Therein. There is hereby established (and so long as any bonds payable from the Debt Service Account hereinafter established are "Outstanding" (as defined in subparagraph 16(c) below) , the City Finance Director shall maintain or cause to be maintained) on the official books and records of the City a Golf Course Fund, together with those Accounts within the Golf Course Fund which are described in this paragraph 16. From and after the issuance of the Bonds, all Gross Revenues of the Golf Course shall be set aside and are hereby pledged and appropriated to, and shall be deposited in and withdrawn from the various Accounts of the Golf Course Fund, as provided in this paragraph 16. "Gross Revenues" means all income and revenue of any nature derived from the operation or use of the Golf Course or any part thereof, - - - . - - . . . - . or commodities furnished by the Golf Course. Gross Revenues shall not include bond proceeds; moneys appropriated by the Council (from other available City sources) for the operation or maintenance of the Golf Course; investment income or moneys held in the Capital Expenditures Account or the Surplus Account; or condemnation, property insurance or sale proceeds. Deposit and Investment of Funds. All bond proceeds and Gross Revenues on hand in the Golf Course Fund shall be deposited or invested in accordance with Minnesota Statutes, Section 475.66; provided that each investment held in the Reserve Account shall have a maturity date, or be redeemable at the option of the holder, within three years of the date of its purchase. All securities so purchased shall mature at or before the time when it is estimated that the proceeds thereof will be needed for the purposes of the Account from which funds are withdrawn for the purchase. All income, gain and loss on such investments shall be credited or charged, as the case may be, to the Account from which the investment was made. (a) Capital Expenditures Account. The Capital Expenditures Account of the Golf Course Fund shall be used to record the receipt and disbursement of bond proceeds and any other moneys appropriated for the payment of expenditures which, under generally accepted accounting principles, constitute capital costs of the acquisition or betterment of the Golf Course, including but not limited to the cost of land, easements, improvements to land, buildings, structures and capital equipment, and the cost of all architectural, engineering, legal and other professional services, costs of issuing any bonds and interest to accrue on bonds issued to finance such acquisition or betterment prior to the receipt of the revenues therefrom, and 244882 17