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hereof, of amounts sufficient for the payment of interest and principal, if any, due upon the Bonds prior to the completion and payment of all costs of the Improvements and the payment of the expenses incurred by the City in connection with the issuance of the Bonds. Upon completion and payment of all costs of the Improvements, any balance of the proceeds of Bonds remaining in the Construction Fund may be used to pay the cost, in whole or in part, of any other improvements instituted pursuant to the Act, as directed by the City Council, but any balance of such proceeds not so used shall be credited and paid to the Bond Fund. 4.02. 1994 Improvement Bond Fund. So long as any of the Bonds are outstanding and any principal of or interest thereon unpaid, the Finance Director shall maintain a separate and special bookkeeping fund designated "1994 Improvement Bond Fund" (hereinafter referred to as the Bond Fund) to be used for no purpose other than the payment of the principal of and interest on the Bonds and on such other improvement bonds of the City as have been or may be directed to be paid therefrom. The City irrevocably appropriates to the Bond Fund (a) all amounts in excess of $517,650 received from the Purchaser, (b) the collections of special assessments and other funds to be credited and paid thereto in accordance with the provisions of Section 4.01, (c) any taxes levied in accordance with this resolution, and (d) all such other moneys as shall be received and appropriated to the Bond Fund from time to time. If the balance in the Bond Fund is at any time insufficient to pay all interest and principal then due on all bonds payable therefrom, the payment shall be made from any.fund of the City which is available for that purpose, subject to reimbursement from the Bond Fund when the balance therein is sufficient, and the Council covenants and agrees that it will each year levy a sufficient amount to take care of any accumulated or anticipated deficiency, which levy is not subject to any constitutional or statutory tax limitation. • 4.03. Additional Bonds. The City reserves the right to issue additional bonds payable from the Bond Fund'as may be required to finance costs of the Improvements not financed hereby; provided that the City Council shall, prior to the delivery of such additional bonds, levy or agree to levy by resolution sufficient additional special assessments and ad valorem taxes, if any, which, together with other moneys or revenues pledged for the payment of said additional obligations, will produce revenues at least five percent (5%) in excess of the amount needed to pay when due the principal and interest on all bonds payable from the Bond Fund. The additional special assessments, ad valorem taxes and moneys or revenues so pledged, levied or agreed to be levied shall be irrevocably appropriated to the Bond Fund in the manner provided by Minnesota Statutes, Section 475.61. 4.04. Levy of Special Assessments. The City hereby covenants and agrees that for payment of the cost of each of the Improvements it will do and perform all acts and things necessary for the full and valid levy of special assessments against all assessable lots, tracts and parcels of land benefited thereby -12-