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<br />. <br /> <br />. <br /> <br />. <br /> <br />6. Delivery; Application of Proceeds; Legal Opinion. The Bonds, when prepared <br />and executed as hereinafter described, shall be delivered by the City Finance Director to the <br />Purchasers upon receipt of the purchase price and the Purchasers shall not be obligated to see to <br />the proper application thereof. The City Finance Director shall obtain a copy of the proposed <br />approving legal opinion of bond counsel for the Bonds, Briggs and Morgan, Professional <br />Association St. Paul, Minnesota, 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 of the City by the manual <br />signatures of Mayor and City Administrator and shall be duly registered by the manual signature <br />of the City Finance Director as Bond Registrar. The official seal ofthe City shall be impressed <br />on the Bonds. The Bonds, when fully executed and sealed, shall be delivered by the City <br />Finance Director to the Purchaser, and the Purchaser shall not be obligated to see to the proper <br />application of the proceeds thereof. <br /> <br />8. Fund and Accounts. In order to provide for the proper administration of all funds <br />which are derived from the operation of the Municipal the Liquor Stores, the City Finance <br />Director has heretofore established and shall continue to maintain a Liquor Store Fund (the <br />"Fund") which shall remain a separate fund of the City subject to the following separate <br />accounting: <br /> <br />( ) Project Account. To the Project Account within the Liquor Store Fund <br />there shall be deposited the proceeds from the sale of the Bonds. From the Project <br />Account shall be paid all costs ofthe Project including legal, engineering, financing and <br />other such expenses incidental thereto. The City hereby covenants to complete the <br />Liquor Store and hereby appropriates such other funds of the City as may be necessary to <br />do so, because the proceeds of the Bonds are insufficient for that purpose. Any balance <br />remaining in the Project Account after the payment of such costs shall be transferred to <br />the Operation and Maintenance Account described below. <br /> <br />() Operation and Maintenance Account. To the Operation and Maintenance <br />Account within the Liquor Store Fund shall be paid all revenues and receipts from the <br />operation of the Liquor Store, including all revenues derived from the operation of the <br />Existing Liquor Store (collectively, the "Gross Revenues"). From this account there shall <br />be paid all, but only, current expenses ofthe Municipal Liquor Stores. Current expenses <br />shall include the reasonable and necessary costs of administering, operating, maintaining <br />and insuring the Municipal Liquor Stores, the cost of salaries, wages, merchandise sold <br />and other similar items, costs of materials and supplies, necessary legal, engineering and <br />auditing services, and all other items which, by sound accounting practices constitute <br />normal, reasonable and current costs of operation and maintenance, but excluding any <br />allowance for depreciation, extraordinary repairs and payments into the Debt Service <br />Account. All money remaining in the Operation and Maintenance Account, after paying <br />or providing for the foregoing items, shall constitute and are referred to in this resolution <br />as "Net Revenues." <br /> <br />() Debt Service Account. To the Debt Service Account within the LiquorStore Fund there shall be credited such amounts of Net Revenues as shall be necessary <br /> <br />8 <br />