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become due and payable at the redemption price therein specified and from and <br /> • after such date (unless the City shall default in the payment of the redemption price) <br /> such Bonds or portions thereof shall cease to bear interest. <br /> Bonds in a denomination larger than $5,000 may be redeemed in part <br /> in any integral multiple of $5,000. The owner of any Bond redeemed in part shall <br /> receive without charge, upon surrender of such Bond to the Registrar, one or more <br /> new Bonds in authorized denominations equal in principal amount to be <br /> unredeemed portion of the Bond so surrendered. <br /> 3.06. Preparation and Delivery. The Bonds shall be prepared under the <br /> direction of the City Manager and shall be executed on behalf of the City by the <br /> signatures of the Mayor and the City Manager; provided that said signatures may be <br /> printed, engraved, or lithographed facsimiles thereof. In case any officer whose <br /> signature, or a facsimile of whose signature, shall appear on the Bonds shall cease to <br /> be such officer before the delivery of any Bond, such signature or facsimile shall <br /> nevertheless be valid and sufficient for all purposes, the same as if such officer had <br /> remained in office until delivery. Notwithstanding such execution, no Bond shall <br /> be valid or obligatory for any purpose or entitled to any security or benefit under this <br /> Resolution unless and until a certificate of authentication on such Bond has been <br /> duly executed by the manual signature of an authorized representative of the <br /> Registrar. Certificates of authentication on different Bonds need not be signed by the <br /> same representative. The executed certificate of authentication on each Bond shall <br /> • be conclusive evidence that it has been authenticated and delivered under this <br /> Resolution. When the Bonds have been so executed and authenticated, they shall <br /> be delivered by the City Manager to the Purchaser upon payment of the purchase <br /> price in accordance with the contract of sale heretofore made and executed, and the <br /> Purchaser shall not be obligated to see to the application of the purchase price. <br /> Section 4. Security Provisions. <br /> 4.01. 1993 Improvement Construction Fund. There is hereby created a <br /> special bookkeeping fund to be designated as the "1993 Improvement Construction <br /> Fund" (hereinafter referred to as the Construction Fund), to be held and <br /> administered by the Finance Director separate and apart from all other funds of the <br /> City. The City appropriates to the Construction Fund (a) $462,950 of the proceeds of <br /> the sale of the Bonds, and (b) all collections of special assessments levied for the <br /> Improvements until completion and payment of all costs of the Improvements. <br /> The Construction Fund shall be used solely to defray expenses of the Improvements, <br /> including but not limited to the transfer to the Bond Fund, created in Section 4.02 <br /> hereof, of amounts sufficient for the payment of interest and principal, if any, due <br /> upon the Bonds prior to the completion and payment of all costs of the <br /> Improvements and the payment of the expenses incurred by the City in connection <br /> with the issuance of the Bonds. Upon completion and payment of all costs of the <br /> -11- <br />