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on the Redemption Date and proceeds of the Street Reconstruction Bonds in the amount of <br />13,292.56 shall be used to pay costs of issuance of the Street Reconstruction Bonds. <br />b) Proceeds of the Improvement Bonds in the amount of $827,000 shall be deposited <br />in the sinking fund established for the Series 2011A Bonds to be applied to their payment on the <br />Redemption Date, and proceeds of the Improvement Bonds in the amount of $17,977.09 shall be <br />used to pay costs of issuance of the Improvement Bonds. <br />SECTION 4. GENERAL OBLIGATION BONDS, SERIES 2019A BOND FUND. The Bonds <br />shall be payable from a separate General Obligation Bonds, Series 2019A 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: <br />a) any funds received from the Purchaser upon delivery of the Bonds in excess of the <br />amounts specified in Section 3 above; <br />b) ad valorem taxes pledged pursuant to the resolution authorizing the issuance of the <br />Series 2010A Bonds; <br />c) special assessments and ad valorem taxes pledged pursuant to the resolution <br />authorizing issuance of the Series 2011A Bonds; <br />d) Tax Abatement Revenues; <br />d) all excess amounts on deposit in the debt service funds maintained for the payment <br />of the Refunded Bonds upon the retirement of the Refunded Bonds on the Redemption Date; <br />e) any taxes collected pursuant to Section 6 hereof; and <br />f) any other funds appropriated by this Council for the payment of the Bonds. <br />The principal of and interest on the Bonds shall be payable from the Bond Fund, and the <br />money on hand in the Bond Fund from time to time shall be used only to pay the principal of and <br />interest on the Bonds. On or before each principal and interest payment date for the Bonds, the <br />City Manager is directed to remit to the Registrar from funds on deposit in the Bond Fund the <br />amount needed to pay principal and interest on the Bonds on the next succeeding principal and <br />interest payment date. <br />There are hereby established two accounts in the Bond Fund, designated as the "Debt <br />Service Account" and the "Surplus Account." There shall initially be deposited into the Debt <br />Service Account upon the issuance of the Bonds the amount set forth in clause (a) above. <br />Thereafter, during each bond year (each twelve month period commencing on February 2 and <br />ending on the following February 1, a "Bond Year"), as monies are received into the Bond Fund, <br />the City Manager shall first deposit such monies into the Debt Service Account until an amount <br />has been appropriated thereto sufficient to pay all principal and interest due on the Bonds through <br />the end of the Bond Year. All subsequent monies received in the Bond Fund during the Bond Year <br />shall be appropriated to the Surplus Account. If at any time the amount on hand in the Debt Service <br />9 <br />4837-9618-8312\5