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Section 3. USE OF PROCEEDS. <br />3.01. Project Fund <br />There is hereby created a special bookkeeping fund to be designated as the "General <br />Obligation Bonds, Series 2017A Project Fund" (the "Project Fund "), to be held and administered <br />by the City Manager separate and apart from all other funds of the City. Within the Project Fund <br />are established the following accounts: <br />(a) Improvements Account. The Improvements Account shall be credited <br />with (i) $2,634,494.05 from the proceeds of the Improvement Bonds and (ii) all special <br />assessments collected with respect to the Improvements until all costs of such <br />improvements have been fully paid. The City Manager shall maintain the Improvements <br />Account until payment of all costs and expenses incurred in connection with the <br />construction of the Improvements have been paid. <br />(b) Equipment Account. The Equipment Account shall be credited with <br />$533,266.83 from the proceeds of the Equipment Bonds. The City Manager shall <br />maintain the Equipment Account until all costs and expenses incurred by the City in <br />connection with the acquisition of the Equipment have been paid. <br />From the Project Fund there shall be paid all costs and expenses related to the <br />construction and acquisition of the Project. After payment of all such costs and expenses, the <br />Project Fund shall be terminated. All funds on hand in the Project Fund when terminated shall <br />be credited to the Bond Fund described in Section 4 hereof, unless and except as such proceeds <br />may be transferred to some other fund or account as to which the City has received from bond <br />counsel an opinion that such other transfer is permitted by applicable laws and does not impair <br />the exemption of interest on the Bonds from federal income taxes. In no event shall funds <br />remain in the Project Fund later than June 1, 2022. <br />3.02 Refunding <br />Bond proceeds in the amount of $2,274,522.92 shall be deposited in the sinking fund <br />established for the Prior Bonds to be applied to their payment on the Redemption Date. <br />SECTION 4. GENERAL OBLIGATION BONDS, SERIES 2017A BOND FUND. The Bonds <br />shall be payable from a separate General Obligation Bonds, Series 2017A Bond Fund (the "Bond <br />Fund ") of the City, which shall be created and maintained on the books of the City as a separate <br />debt redemption fund until the Bonds, and all interest thereon, are fully paid. Into the Bond Fund <br />shall be paid (a) funds received from the Purchaser upon delivery of the Bonds in excess of the <br />amounts specified in Section 3 above; (b) special assessments levied and collected in accordance <br />with this Resolution except as otherwise provided in Section 3.0 1, clause (a) hereof; (c) tax <br />abatement revenues, such revenues to be distributed ratably with respect to the Tax Abatement <br />Bonds payable therefrom and any other obligations of the City payable from the same source; <br />(d) any taxes collected pursuant to Section 6 hereof; and (e) any other funds appropriated by this <br />Council for the payment of the Bonds. The principal of and interest on the Bonds shall be <br />payable from the Bond Fund, and the money on hand in the Bond Fund from time to time shall <br />be used only to pay the principal of and interest on the Bonds. On or before each principal and <br />0 <br />