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s <br />ments herein levied or covenanted to be levied; and provided <br />further that if upon completion of the Improvements there <br />shall remain any unexpended balance in the Construction <br />Account, the balance (other than any special assessments) may <br />be transferred by the Council to the fund of any other <br />improvement instituted pursuant to Minnesota Statutes, Chapter <br />429; and provided further that any special assessments <br />credited to the Construction Account shall only be applied <br />towards payment of the costs of the Improvements upon adoption <br />of a resolution by the City Council determining that the <br />application of the special assessments for such purpose will <br />not cause the City to no longer be in compliance with <br />Minnesota Statutes, Section 475.61, Subdivision 1. <br />(ii) Debt Service Account. There are hereby irrevocably <br />appropriated and pledged to, and there shall be credited to, <br />the Debt Service Account: (a) all collections of special <br />assessments herein covenanted to be levied with respect to the <br />Improvements and either initially credited to the Construction <br />Account and not already spent as permitted above and required <br />to pay any principal and interest due on the Bonds or <br />collected subsequent to the completion of the Improvements and <br />payment of the costs thereof; (b) all accrued interest <br />received upon delivery of the Bonds; (c) all funds paid for <br />the Bonds in excess of $1,039,000; (d) capitalized interest in <br />the amount of $ (together with interest earnings <br />thereon and subject to such other adjustments as are <br />appropriate to provide sufficient funds to pay interest first <br />coming due on the Bonds); (e) any collections of all taxes <br />herein or hereafter levied for the payment of the Bonds and <br />interest thereon; (f) all funds remaining in the Construction <br />Account after completion of the Improvements and payment of <br />the costs thereof, not so transferred to the account of <br />another improvement; (g) all investment earnings on funds <br />held in the Debt Service Account; and (h) any and all other <br />moneys which are properly available and are appropriated by <br />the Council to the Debt Service Account. The Debt Service <br />Account shall be used solely to pay the principal and interest <br />and any premiums for redemption of the Bonds and any other <br />general obligation bonds of the City hereafter issued by the <br />City and made payable from said account as provided by law. <br />No portion of the proceeds of the Bonds shall be used <br />directly or indirectly to acquire higher yielding investments <br />or to replace funds which were used directly or indirectly to <br />acquire higher yielding investments, except (1) for a <br />reasonable temporary period until such proceeds are needed for <br />the purpose for which the Bonds were issued and (2) in <br />19 <br />