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74876-8449-2315\3 (e)In the event that any transfer or exchange of Bonds is permitted under paragraph (b) or (c) hereof, such transfer or exchange shall be accomplished upon receipt by the Registrar of the Bonds to be transferred or exchanged and appropriate instruments of transfer to the permitted transferee in accordance with the provisions of this resolution. In the event Bonds in the form of certificates are issued to owners other than Cede & Co., its successor as nominee for DTC as owner of all the Bonds, or another securities depository as owner of all the Bonds, the provisions of this resolution shall also apply to all matters relating thereto, including, without limitation, the printing of such Bonds in the form of physical certificates and the method of payment of principal of and interest on such Bonds in the form of physical certificates. 2.09.Form of Bonds. The Bonds shall be prepared in substantially the form found at EXHIBIT B attached hereto. Section 3. USE OF PROCEEDS; PROJECT FUND. There is hereby created a special bookkeeping fund to be designated as the “General Obligation Improvement Bonds, Series 2022A Project Fund” (the “Project Fund”), to be held and administered by the City Manager separate and apart from all other funds of the City. The Project Fund shall be credited with (i) $[________] from the proceeds of the Bonds; and (ii) all special assessments collected with respect to the Project (other than prepaid assessments), until all costs of the Project have been fully paid. The City Manager shall maintain the Project Fund until payment of all costs and expenses incurred in connection with the construction of the Project and all costs of issuance of the Bonds have been paid. The City may deposit funds, including prepaid assessments and funds from other available sources, into the Project Fund. From the Project Fund there shall be paid all costs and expenses related to the construction and acquisition of the Project. In addition, costs of issuance in the amount of $[_______] are expected to be paid from proceeds of the Bonds in the Project Fund and are included in the respective accounts above. After payment of all such costs and expenses, the Project Fund shall be terminated. All funds on hand in the Project Fund when terminated shall be credited to the Bond Fund described in Section 4 hereof, unless and except as such proceeds may be transferred to some other fund or account as to which the City has received from bond counsel an opinion that such other transfer is permitted by applicable laws and does not impair the exemption of interest on the Bonds from federal income taxes. In no event shall funds remain in the Project Fund later than three years following the date of issuance of the Bonds. SECTION 4. GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2022A BOND FUND. The Bonds shall be payable from a separate General Obligation Improvement Bonds, Series 2022A Bond Fund (the “Bond Fund”) of the City, which shall be created and maintained on the books of the City as a separate debt redemption fund until the Bonds, and all interest thereon, are fully paid. Into the Bond Fund shall be paid (a) the amounts specified in Section 3 above upon termination of the Project Fund; (b) any funds received from the Purchaser upon delivery of the Bonds in excess of the amounts specified in Section 3 above ($[_______] representing capitalized interest); (c) special assessments levied and collected in accordance with this Resolution except prepaid assessments applied to the Project Fund; (d) any taxes collected pursuant to Section 7 hereof; and (e) any other funds appropriated by this Council for the 33