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the amounts and numbers of such Bonds, and the date of the <br />holding of the same, may be proved by reference to the bond <br />register. <br />16. Delivery: Application of Proceeds. The Global <br />Certificates when so prepared and executed shall be delivered by <br />the Clerk -Treasurer to the Purchaser upon receipt of the purchase <br />price, and the Purchaser shall not be obliged to see to the <br />proper application thereof. <br />17. Funds and Accounts. There is hereby created a <br />special fund to be designated the "Improvement Bonds of 1991 <br />Fund" (the "Fund"), to be administered and maintained by the <br />Clerk -Treasurer as a bookkeeping account separate and apart from <br />all other accounts maintained in the official financial records <br />of the City. The Fund shall be maintained in the manner herein <br />specified until all of the Bonds and the interest thereon have <br />been fully paid. There shall be maintained in the Fund two (2) <br />separate accounts, to be designated the "Construction Account" <br />and "Debt Service Account", respectively. <br />(i) Construction Account. To the Construction <br />Account there shall be credited the proceeds of the sale of <br />the Bonds, less accrued interest received thereon, and less <br />any amount paid for the Bonds in excess of $1,193,000 and <br />less capitalized interest in the amount of $ 132,000 <br />(together with interest earnings thereon and subject to such <br />other adjustments as are appropriate to provide sufficient <br />funds to pay interest due or accruing on the Bonds through <br />August 1, 1992). From the Construction Account there shall <br />be paid all costs and expenses of making the Improvements, <br />including the cost of any construction contracts heretofore <br />let and all other costs incurred and to be incurred of the <br />kind authorized in Minnesota Statutes, Section 475.65; and <br />the moneys in the Construction Account shall be used for no <br />other purpose except as otherwise provided by law; provided <br />that the proceeds of the Bonds may also be used to the <br />extent necessary to pay interest on the Bonds due prior to <br />the anticipated date of commencement of the collection of <br />taxes or special assessments herein levied or covenanted to <br />be levied; and provided further that if upon completion of <br />the Improvements there shall remain any unexpended balance <br />in the Construction Account, the balance may be transferred <br />by the Council to the fund of any other improvement <br />instituted pursuant to Minnesota Statutes, Chapter 429, or <br />transferred to the Debt Service Account; and provided <br />further that any special assessments credited to the <br />Construction Account shall only be applied towards payment <br />of the costs of the Improvements upon adoption of a <br />11676 <br />34 <br />