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with respect to the Bonds at any time by giving notice to the City and the Registrar and discharging its responsibilities with respect thereto under applicable law. In such event the Bonds will be transferable in accordance with paragraph (d) hereof. (d) 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 bond certificates and the method of payment of principal of and interest on such Bonds in the form of bond certificates. Section. 4. Use of Proceeds. Upon payment for the Bonds by the Purchaser, the Finance Director shall deposit and apply the proceeds of the Bonds as follows: (a) $ shall be deposited in the Construction Fund created pursuant Section 5.01 hereof; (b) $ are irrevocably appropriated for the payment in full of the 1998A Bonds on May 1, 2006 (the Redemption Date); (c) $ are irrevocably appropriated for the payment in full of the 2004A Bonds on the Redemption Date; and (d) $ (constituting capitalized interest), plus accrued interest, shall be deposited in the Bond Fund created pursuant Section 5.02 hereof. Section 5. Security Provisions. 5.01. 2006A General Obligation Bonds Construction Fund. There is hereby created a special bookkeeping fund to be designated as the "2006A General Obligation Bonds Construction Fund" (hereinafter referred to as the Construction Fund), to be held and administered by the Finance. Director separate and apart from all other funds of the City. The City appropriates to the Construction Fund (a) the proceeds of the sale of the Bonds .to be deposited therein as specified in Section 4, and (b) all collections of special assessments- levied for the Improvements until completion and payment of all costs of the Improvements. The Construction Fund shall be used solely to defray expenses of the Improvements, including but not limited to the transfer to the Bond Fund, created in Section 5.02 hereof, of amounts sufficient for the payment of interest and principal, if any, due upon the Bonds prior to the. completion and payment of all costs of the Improvements and the payment of the expenses incurred by the City in connection with the issuance of the Bonds set forth in Section 9 hereof. Upon completion and payment of all costs of the Improvements, any balance of the proceeds of Bonds remaining in the Construction Fund may be used to pay the cost, in whole or in part, of any other improvements -12- 101