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<br />. <br /> <br />. <br /> <br />. <br /> <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 le'ss 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. Delivery; Application of Proceeds. The Bonds shall be <br />delivered by the City to the Purchaser upon receipt of the <br />purchase price, and the Purchaser shall not be obliged to see to <br />the proper application thereof. <br /> <br />16. Fund and Accounts. For the convenience and proper <br />administration of the moneys to be borrowed and repaid on the <br />Bonds and the Refunded Bonds, and to make adequate and specific <br />security to the Purchaser and registered owners from time to time <br />of the Bonds and the Refunded Bonds, there is hereby created a <br />special fund to be designated the "General Obligation Improvement <br />Refunding Bonds, Series 1999B Fund" (the "Fund") to be <br />administered and maintained by the City Finance Director as a <br />bookkeeping account separate and apart from all other funds <br />maintained in the official financial records of the City. The <br />Fund shall be maintained in the manner herein specified until all <br />of the Refunded Bonds and the Bonds herein authorized and the <br />interest thereon shall have been fully paid. There shall be <br />maintained in the Fund two separate accounts, to be designated <br />the "Escrow Account" and the "Debt Service Account," <br />respectively. <br /> <br />(i) Escrow Account. The proceeds of the sale of the <br />Bonds, less such proceeds of the Bonds (if any) as may be <br />used to pay issuance expenses or hereinafter directed for <br />deposit into the Debt Service Account, plus any other <br />available municipal funds ("Other Funds"), if any, as may be <br />required to adequately fund the Escrow Account (under the <br />Escrow Agreement) to accomplish its purposes, are hereby <br />pledged and appropriated and shall be credited to the Escrow <br />Account. The Escrow Account shall be maintained as an <br />escrow account with the Escrow Agent which is and shall be a <br />suitable financial institution within the State of Minnesota <br />whose deposits are insured by the Federal Deposit Insurance <br />Corporation and whose combined capital and surplus is at <br />least $500,000. All proceeds of the sale of the Bonds to be <br />received by the Escrow Agent shall be applied to fund the <br />Escrow Account or to pay costs of issuing the Bonds. Such <br />proceeds of the Bonds (together with the Other Funds, if <br /> <br />1079939.1 <br /> <br />19 <br />