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61 4.02 hereof. (d) S shall be deposited in the Bond Fund created pursuant to Section Section 4. Security Provisions. 4.01. General Obligation Bonds, Series 2012A Construction Fund. There is hereby established in the official books and records of the City, a separate General Obligation Bonds, Series 2012A Construction Fund (the "Series 2012 Construction Fund"). The City hereby appropriates to the Series 2012 Construction Fund all proceeds of the Bonds received from the Purchaser allocated to the Improvement Bonds and to pay the issuance costs of the Improvement Bonds pursuant to Section 7 hereof. The Series 2012 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 4.02 hereof, of amounts sufficient for the payment of interest, due upon the Bonds prior to the completion of the Improvements and the payment of the expenses incurred by the City in connection with the issuance of the Improvement Bonds. Upon completion and payment of all costs of the Improvements, any balance of the proceeds of Improvement Bonds remaining in the Series 2012 Construction Fund may be used to pay the cost, in whole or in part, of any other improvements, as directed by the City Council, but any balance of such proceeds not so used shall be credited and paid to the Bond Fund. 4.02. General Obligation Bonds, Series 2012A Bond Fund. The Bonds shall be payable from a separate General Obligation Bonds, Series 2012A Bond Fund (the "Bond Fund") which the City agrees to maintain until the Bonds have been paid in full. If the moneys in the Bond Fund should at any time be insufficient to pay principal and interest due on the Bonds, such amounts shall be paid from other moneys on hand in other funds of the City, which other funds shall be reimbursed therefor when sufficient moneys become available in the Bond Fund. The moneys on hand in the Bond Fund from time to time shall be used only to pay the principal of and interest on the Bonds. Into the Bond Fund shall be paid: (a) the amounts appropriated thereto pursuant to the Escrow Agreement to pay a portion of the interest on the Bonds; (b) all collections of special assessments levied on property specially benefited by the improvement projects financed and refinanced by the Bonds; (c) ad valorem taxes levied and collected in accordance with the provisions of Section 4.04 hereof; (d) all excess amounts on deposit in the debt service fund maintained for the payment of the Refunded Bonds upon the retirement of the Refunded Bonds on the respective Crossover Dates; and (e) any other funds appropriated by the Council for the payment of the Bonds. 4.03. Levy of Special Assessments. For the payment of the cost of each of the Improvements and each of the improvements refinanced by the Series 2006A Bonds and the Series 2007A Bonds the City has or will levy special assessments against all assessable lots, tracts and parcels of land benefited thereby and located within the area proposed to be assessed therefor, based upon the benefits received by each such lot, tract or parcel, in an aggregate principal amount not less than twenty percent (20%) of the cost of the improvements. The City hereby covenants and agrees that for payment of the cost of each of the Improvements and each of the improvements refinanced by the Series 2006A Bonds and the Series 2007A Bonds it will do and perform all acts and things necessary for the full and valid levy of special assessments against all assessable lots, tracts and parcels of land benefited thereby and located within the area -15-