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• DTC may determine to discontinue providing its services with respect to the Bonds <br /> at any time by giving notice to the City and the Registrar and discharging its <br /> responsibilities with respect thereto under applicable law. In such event the Bonds <br /> will be transferable in accordance with paragraph (d) hereof. <br /> (d) In the event that any transfer or exchange of Bonds is permitted <br /> under paragraph (b) or (c) hereof, such transfer or exchange shall be accomplished <br /> upon receipt by the Registrar of the Bonds to be transferred or exchanged and <br /> appropriate instruments of transfer to the permitted transferee in accordance with <br /> the provisions of this resolution. In the event Bonds in the form of certificates are <br /> issued to owners other than Cede & Co., its successor as nominee for DTC as <br /> 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, <br /> including, without limitation, the printing of such Bonds in the form of bond <br /> certificates and the method of payment of principal of and interest on such Bonds in <br /> the form of bond certificates. <br /> Section 4. Security Provisions. <br /> 4.01. 1997 Improvement Construction Fund. There is hereby created a <br /> special bookkeeping fund to be designated as the "1997 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) $681,720 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 /> 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. 1997 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 "1997 <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 /> • -14- <br />