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<br />. <br /> <br />. <br /> <br />. <br /> <br />the person who is the registered owner thereof as of the Regular <br />Record Date, and shall be payable to the person who is the <br />registered owner thereof at the close of business on a date (the <br />"Special Record Date") fixed by the Bond Registrar whenever money <br />becomes available for paYment of the defaulted interest. Notice <br />of the Special Record Date shall be given by the Bond Registrar <br />to the registered owners not less than ten (10) days prior to the <br />Special Record Date. <br /> <br />14. Treatment of Registered Owner. The City and Bond <br />Registrar may treat the person in whose name any Bond is <br />registered as the owner of such Bond for the purpose of receiving <br />paYment of principal of and premium, if any, and interest <br />(subject to the paYment provisions in paragraph 13 above) on, <br />such Bond and for all other purposes whatsoever whether or not <br />such Bond shall be overdue, and neither the City nor the Bond <br />Registrar shall be affected by notice to the contrary. <br /> <br />15. Deliverv: Aoolication of Proceeds. The Bonds when <br />so prepared and executed shall be delivered by the City Finance <br />Director to the Purchaser upon receipt of the purchase price, and <br />the Purchaser shall not be obliged to see to the proper <br />application thereof. <br /> <br />16. Fund and Accounts. There is hereby created a <br />special fund of the City designated the "$5,725,000 General <br />Obligation Bonds, Series 1999A Fund~ (the "Fund") to be held and <br />administered by the City as a bookkeeping account separate and <br />apart from all other funds maintained in the official financial <br />records of the City. The Fund shall continue to be maintained in <br />the manner herein specified until all of the Bonds herein <br />authorized and all other bonds payable from said Fund and the <br />interest thereon have been fully paid. There shall be maintained <br />in the Fund two (2) separate accounts, to be designated the <br />"Capital Account" and "Debt Service Account", respectively. <br /> <br />(i) Capital Account. To the Capital Account there shall be <br />credited the proceeds of the sale of the Bonds, net of the <br />amounts thereof allocated to the Debt Service Account pursuant to <br />paragraph 16(ii) below. Said monies shall be segregated into <br />separate subaccounts of the Capital Account for the specific <br />improvements to which they relate, being the Chapter 429 <br />Improvements, the water system improvements, the sanitary sewer <br />improvements, and the tax increment improvements, respectively, <br />referenced in Exhibits A and B of this Resolution. From each <br />such subaccount (including any earnings thereon) there shall be <br />paid all costs and expenses of making the Improvements to which <br />each such subaccount relates, including the cost of any <br />construction contracts heretofore let or hereafter to be let and <br />all other costs, incurred and to be incurred for the particular <br />Improvement, of the kind authorized in Minnesota Statutes, <br />Section 475.65, and such monies in the respective subaccounts of <br />the Capital Account shall be used for no other purposes except as <br />otherwise provided by law or this Resolution. <br /> <br />1045757.1 <br /> <br />19 <br />