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Section 3. USE OF PROCEEDS. 3.01. Project Fund There is hereby created a special bookkeeping fund to be designated as the “General Obligation Bonds, Series 2017A Project Fund” (the “Project Fund”), to be held and administered by the City Manager separate and apart from all other funds of the City. Within the Project Fund are established the following accounts: (a) Improvements Account. The Improvements Account shall be credited with (i) $[_________] from the proceeds of the Improvement Bonds and (ii) all special assessments collected with respect to the Improvements until all costs of such improvements have been fully paid. The City Manager shall maintain the Improvements Account until payment of all costs and expenses incurred in connection with the construction of the Improvements have been paid. (b) Equipment Account. The Equipment Account shall be credited with $[___________] from the proceeds of the Equipment Bonds. The City Manager shall maintain the Equipment Account until all costs and expenses incurred by the City in connection with the acquisition of the Equipment have been paid. From the Project Fund there shall be paid all costs and expenses related to the construction and acquisition of the Project. After payment of all such costs and expenses, the Project Fund shall be terminated. All funds on hand in the Project Fund when terminated shall be credited to the Bond Fund described in Section 4 hereof, unless and except as such proceeds may be transferred to some other fund or account as to which the City has received from bond counsel an opinion that such other transfer is permitted by applicable laws and does not impair the exemption of interest on the Bonds from federal income taxes. In no event shall funds remain in the Project Fund later than June 1, 2022. 3.02 Refunding Bond proceeds in the amount of $[________] shall be deposited in the sinking fund established for the Prior Bonds to be applied to their payment on the Redemption Date. SECTION 4. GENERAL OBLIGATION BONDS, SERIES 2017A BOND FUND. The Bonds shall be payable from a separate General Obligation Bonds, Series 2017A Bond Fund (the “Bond Fund”) of the City, which shall be created and maintained on the books of the City as a separate debt redemption fund until the Bonds, and all interest thereon, are fully paid. Into the Bond Fund shall be paid (a) any funds received from the Purchaser upon delivery of the Bonds in excess of the amounts specified in Section 3 above; (b) special assessments levied and collected in accordance with this Resolution except as otherwise provided in Section 3.01, clause (a) hereof; (c) tax abatement revenues, such revenues to be distributed ratably with respect to the Tax Abatement Bonds payable therefrom and any other obligations of the City payable from the same source; (d) any taxes collected pursuant to Section 6 hereof; and (e) any other funds appropriated by this Council for the payment of the Bonds. The principal of and interest on the Bonds shall be payable from the Bond Fund, and the money on hand in the Bond Fund from time to time shall be used only to pay the principal of and interest on the Bonds. On or before each principal and 26