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Registrar of the Bonds to be transferred or exchanged and appropriate instruments of transfer to <br /> • the permitted transferee in accordance with the provisions of this resolution. In the event Bonds <br /> in the form of certificates are issued to owners other than Cede & Co., its successor as nominee <br /> for DTC as owner of all the Bonds, or another securities depository as owner of all the Bonds, <br /> the provisions of this resolution shall also apply to all matters relating thereto, including, without <br /> limitation,the printing of such Bonds in the form of bond certificates and the method of payment <br /> of principal of and interest on such Bonds in the form of bond certificates. <br /> Section 4. Use of Proceeds and Escrow Account. Upon payment for the Bonds <br /> by the Purchaser, the Finance Director shall deposit and apply the proceeds of the Bonds as <br /> follows: <br /> (a) $331,244.00 shall be deposited in the sinking fund established for the 1993A <br /> Refunded Bonds and 1994B Refunded Bonds to be applied to their redemption and prepayment <br /> on the Redemption Date, in accordance with the provisions of the resolutions authorizing their <br /> issuance. <br /> (b) There is hereby established as a separate account known as the "Escrow <br /> Account" in the 2003 Refunding Bond Account referred to in Section 5.01 hereof. The proceeds <br /> of the Bonds in the amount of$232,309.83 shall be deposited into the Escrow Account and there <br /> is irrevocably appropriated from such Escrow Account for the payment of interest to become due <br /> on the Bonds $4,389.00 on August 1, 2004 and $2,970.00 on February 1, 2005, and for the <br /> payment and redemption of the principal amount of the 1995A Refunded Bonds on the February <br /> • 1, 2005 (the "Crossover Date"). The Finance Director is hereby authorized and directed, <br /> simultaneously with the delivery of the Bonds, to deposit the proceeds thereof, to the extent <br /> described above, in escrow with Wells Fargo Bank Minnesota,National Association, in <br /> Minneapolis, Minnesota(the "Escrow Agent"), a banking institution whose deposits are insured <br /> by the Federal Deposit Insurance Corporation and whose combined capital and surplus is not less <br /> than $500,000, and shall invest the funds so deposited in securities authorized for such purpose <br /> by Minnesota Statutes, Section 475.67, subdivision 8, maturing on such dates and bearing <br /> interest at such rates as are required to provide funds sufficient, with cash retained in the escrow <br /> account, to make the above-described payments. The Mayor and City Manager are hereby <br /> authorized to enter into an Escrow Agreement with the Escrow Agent for the 1995A Refunded <br /> Bonds establishing the terms and conditions for the escrow account in accordance with <br /> Minnesota Statutes, Section 475.67. <br /> (c) Of the remaining proceeds of the Bonds, $18,311.00 shall be applied to pay <br /> issuance expenses, and $254.97, together with any accrued interest on the Bonds shall be <br /> deposited in the 2003 Refunding Bond Fund created pursuant to Section 5.01 hereof. <br /> Section 5. Security Provisions. <br /> 5.01. 2003 Refunding Bond Fund. So long as any of the Bonds are outstanding <br /> and any principal of or interest thereon unpaid, the Finance Director shall maintain a separate <br /> and special bookkeeping fund designated "2003 Refunding Bond Fund" (hereinafter referred to <br /> as the "Bond Fund") to be used for no purpose other than the payment of the principal of and <br /> -11- <br />