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levied on property in the City other than the Tax Increment <br />District. There shall be maintained in the Fund two (2) separate <br />accounts to be designated the "Capital Account" and "Debt Service <br />Account", respectively. <br />(i) Capital Account. To the Capital Account there shall be <br />credited the proceeds of the sale of the Bonds, less accrued <br />interest received thereon, and less capitalized interest in the <br />amount of $ 33,420.87 ( together with interest earnings thereon <br />and subject to such other adjustments as are appropriate to <br />provide sufficient funds to pay interest due on the Bonds on or <br />before February 1, 1999 ) . From the Capital Account there <br />shall be paid all costs and expenses of the Project, including <br />the cost of any construction contracts heretofore let and all <br />other costs incurred and to be incurred of the kind authorized in <br />Minnesota Statutes, Section 475.65; and the moneys in said <br />account shall be used for no other purpose except as otherwise <br />provided by law; provided that the proceeds of the Bonds may also <br />be used to the extent necessary to pay interest on the Bonds due <br />prior to the anticipated receipt of Tax Increments. <br />(ii) Debt Service Account. To the Debt Service Account, <br />there shall be credited (a) all accrued interest received upon <br />delivery of the Bonds; (b) capitalized interest in the amount of <br />$33,420.87 (together with interest earnings thereon and subject <br />to such other adjustments as are appropriate to provide <br />sufficient funds to pay interest due on the principal and <br />interest' on the Bonds on or before Fe"bruaryl­ . 1, 199 9 ) ; (c) <br />Tax Increments, in an amount sufficient, together with other sums <br />herein pledged, to pay the annual principal and interest payments <br />on the Bonds; (d) any collections of all taxes which may <br />hereafter be levied in the event that the Tax Increments and <br />other sums herein pledged to the payment of the Bonds are <br />insufficient therefor; (e) all funds remaining in the Capital <br />Account after completion of the Project and payment of the costs <br />thereof; (f) all investment earnings on funds held in the Debt <br />Service Account; and (g) any and all other moneys which are <br />properly available and are appropriate by the governing body of <br />the City to the Debt Service Account. The Debt Service Account <br />shall be used solely to pay the principal and interest and any <br />premiums for redemption of the Bonds and any other general <br />obligation bonds of the City hereafter issued by the City and <br />made payable from said account as provided by law. <br />16. Tax Increments: Use of Tax Increments. The County <br />Auditor of Washington County has certified the original net tax <br />capacity of property in the Tax Increment District. The County <br />Auditor shall determine in each year if the then -current net tax <br />capacity of property in the Tax Increment District exceeds the <br />original net tax capacity, and shall calculate, in the manner <br />360858.1 <br />12 <br />