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6. Legal Opinion. The City Finance Director shall <br />obtain a copy of the proposed approving legal opinion of bond <br />counsel for the Bonds, Briggs and Morgan, St. Paul, Minnesota, <br />and shall cause such opinion to be filed in the offices of the <br />City. <br /> <br /> 7. Execution. The Bonds shall be executed on behalf <br />of the City by the manual signatures of Mayor and City <br />Administrator and shall be duly registered by the manual <br />signature of the City Finance Director as Bond Registrar. The <br />official seal of the City shall be impressed on the Bonds. The <br />Bonds, when fully executed, shall be delivered by the City <br />Finance Director to the Purchaser, and the Purchaser shall not be <br />obligated to see to the proper application of the proceeds <br />thereof. <br /> <br /> 8. Fund and Accounts. In order to provide for the <br />proper administration of all funds which are derived from the <br />operation of the City's existing liquor store and the Liquor <br />Store, the City Finance Director has heretofore established and <br />shall continue to maintain a Liquor Store Fund (the "Fund") which <br />shall remain a separate fund of the City subject to the following <br />separate accounting: <br /> <br /> (a) Project Account. To the Project Account within <br />the Liquor Store Fund there shall be deposited the proceeds <br />from the sale of the Bonds. From the Project Account shall <br />be paid all costs of the Project including legal, <br />engineering, financing and other such expenses incidental <br />thereto. The City hereby covenants to complete the Liquor <br />Store and hereby appropriates such other funds of the City <br />as may be necessary to do so, if the proceeds of the Bonds <br />should prove insufficient for that purpose. Any balance <br />remaining in the Project Account after the payment of such <br />costs shall be transferred to the Operation and Maintenance <br />Account described below. <br /> <br /> (b) Operation and Maintenance Account. To the <br />Operation and Maintenance Account within the Liquor Store <br />Fund shall be paid all revenues and receipts from the <br />operation of the Liquor Store, including all revenues <br />derived from the interim operation and subsequent lease, <br />sale or other disposition of the existing liquor store <br />(collectively, the "Gross Revenues"). From this account <br />there shall be paid all, but only, current expenses of the <br />Liquo~ Store. Current expenses shall include the reasonable <br />and n~cessary costs of administering, operating, maintaining <br />and insuring the Liquor Store, the cost of salaries, wages, <br />merchandise sold and other similar items, costs of materials <br />and supplies, necessary legal, engineering and auditing <br /> <br />355470.1 8 <br /> <br /> <br />