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• 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 /> Improvements, any balance of the proceeds of Bonds remaining in the Construction <br /> Fund may be used to pay the cost, in whole or in part, of any other improvements <br /> instituted pursuant to the Act, as directed by the City Council, but any balance of <br /> such proceeds not so used shall be credited and paid to the Bond Fund. <br /> 4.02. 1995 Improvement Bond Fund. So long as any of the Bonds are <br /> outstanding and any principal of or interest thereon unpaid, the Finance Director <br /> shall maintain a separate and special bookkeeping fund designated "1995 <br /> Improvement Bond Fund" (hereinafter referred to as the Bond Fund) to be used for <br /> no purpose other than the payment of the principal of and interest on the Bonds <br /> and on such other improvement bonds of the City as have been or may be directed <br /> to be paid therefrom. The City irrevocably appropriates to the Bond Fund (a) all <br /> amounts in excess of $814,275 received from the Purchaser, (b) the collections of <br /> special assessments and other funds to be credited and paid thereto in accordance <br /> with the provisions of Section 4.01, (c) any taxes levied in accordance with this <br /> resolution, and (d) all such other moneys as shall be received and appropriated to <br /> the Bond Fund from time to time. If the balance in the Bond Fund is at any time <br /> insufficient to pay all interest and principal then due on all bonds payable <br /> therefrom, the payment shall be made from any fund of the City which is available <br /> for that purpose, subject to reimbursement from the Bond Fund when the balance <br /> therein is sufficient, and the Council covenants and agrees that it will each year levy <br /> a sufficient amount to take care of any accumulated or anticipated deficiency, which <br /> levy is not subject to any constitutional or statutory tax limitation. <br /> There are hereby established two accounts in the Bond Fund, <br /> designated as the "Debt Service Account" and the "Surplus Account." All money <br /> appropriated or to be deposited in the Bond Fund shall be deposited as received into <br /> the Debt Service Account. On each February 1, the Finance Director shall determine <br /> the amount on hand in the Debt Service Account. If such amount is in excess of <br /> one-twelfth of the debt service payable from the Bond Fund in the immediately <br /> preceding 12 months, the Finance Director shall promptly transfer the amount in <br /> excess to the Surplus Account. The City appropriates to the Surplus Account any <br /> amounts to be transferred thereto from the Debt Service Account as herein provided <br /> and all income derived from the investment of amounts on hand in the Surplus <br /> Account. If at any time the amount on hand in the Debt Service Account is <br /> insufficient to meet the requirements of the Bond Fund, the Finance Director shall <br /> transfer to the Debt Service Account amounts on hand in the Surplus Account to <br /> the extent necessary to cure such deficiency. <br /> 4.03. Additional Bonds. The City reserves the right to issue additional <br /> bonds payable from the Bond Fund as may be required to finance costs of the <br /> • <br /> -12- <br />