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6. The City Finance Director shall obtain a copy of the <br />proposed approving legal opinion of bond counsel for the <br />Certificate, Brig,s and Morgan, St. Paul, Minnesota, and shall <br />cause such opinion to be filed in the offices of the City. <br /> <br /> 7. The Certificate shall be executed on behalf of the City by <br />the manual signatures of the Mayor and the City Administrator and <br />shall be duly registered by the manual signature of the City <br />Finance Director as Certificate Registrar. The official seal of <br />the City shall be impressed upon the Certificate. The Certificate, <br />when fully executed and sealed, shall be delivered by the City <br />Finance Director to the Purchaser upon receipt of the purchase <br />price thereof, and the Purchaser shall not be obligated to see to <br />the proper application thereof. <br /> <br /> 8. The proceeds of the Certificate shall be deposited in and <br />expended from a separate capital account or subaccount of the City <br />to provide financing for the Equipment. The City Finance Director <br />shall establish and maintain a separate debt service account or <br />subaccount (the "Debt Service Account") for the payment of the <br />Certificate. The Debt Service Account shall be maintained to pay <br />the debt service on the Certificate and any additional obligations <br />of the City which may hereafter be made payable therefrom. <br /> <br /> 9. The Debt Service Account shall be held in trust by the' <br />City for the benefit of the Registered Owner from time to time of <br />the Certificate, as hereinafter provided. Until the principal of <br />and interest on the Certificate are paid, or until the Certificate <br />is otherwise discharged as hereinafter provided, there shall be <br />credited to and maintained in the Debt Service Account (1) first, <br />the proceeds of the general ad valorem taxes hereinafter or <br />hereafter levied by the City for the purpose of paying the <br />principal of and interest on the Certificate; (2) second, the ad <br />valorem taxes levied for the Certificate pursuant to Resolution No. <br />96-81, adopted by the Council on September 9, 1996; and (3) third, <br />any other funds which are properly available and are appropriated <br />by the Council to the Debt Service Account. The aforesaid funds, <br />when deposited in the Debt Service Account, shall be used only and <br />exclusively for, and are hereby pledged to, the payment of the <br />principal of and interest on the Certificate, when due, and such <br />other obligations of the City as may be made payable therefrom. If <br />any payment of principal or interest shall become due when there <br />are not sufficient funds in the Debt Service Account to pay the <br />same, the City Finance Director shall pay such principal or <br />interest from the general fund or other available fund of the City, <br />and such fund shall be reimbursed for such advances from the <br />proceeds of the ad valorem taxes levied for such purpose, when <br />collected. <br /> <br />336657.1 6 <br /> <br /> <br />