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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, Briggs 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 p~oper 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 <br />$42,000 of certain funds which the City will receive in later 1997 <br />or in 1998 and which are available for payment of the Certificate; <br />and (3) third, any other funds which are properly available and are <br />appropriated by the Council to the Debt Service Account. The <br />aforesaid funds, when deposited in the Debt Service Account, shall <br />be used only and exclusively for, and are hereby pledged to, the <br />payment of the principal of and interest on the Certificate, when <br />due, and such other obligations of the City as may be made payable <br />therefrom. If any payment of principal or interest shall become <br />due when there are not sufficient funds in the Debt Service Account <br />to pay the same, the City Finance Director shall pay such principal <br />or interest from the general fund or other available fund of the <br />City, 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 />349593.1 6 <br /> <br /> <br />