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<br />e <br /> <br />e <br /> <br />e <br /> <br />Bonds herein authorized and all other bonds payable from said <br />Fund and the interest thereon have been fully paid. There shall <br />be maintained in the Fund two (2) separate accounts, to be <br />designated the "Capital Account" and "Debt Service Account", <br />respectively. <br /> <br />(i) Ca9ital Account. To the Capital Account there shall be <br />credited the proceeds of the sale of the Bonds, less such amounts <br />thereof as shall be deposited into the Debt Service Account <br />pursuant to paragraph 16(ii) below. From the Capital Account <br />there shall be paid all costs and expenses of making the <br />Improvements, including the cost of any construction contracts <br />heretofore let, the costs of issuing the Bonds and all other <br />costs incurred and to be incurred of the kind authorized in <br />Minnesota statutes, Section 475.65; and the moneys in said <br />account shall be used for no other purpose except as otherwise <br />provided by law. <br /> <br />(ii) Debt Service Account. There are hereby irrevocably <br />appropriated and pledged to, and there shall be credited to, the <br />Debt Service Account: (a) the net revenues of the City's <br />municipal sanitary sewer system (as hereinafter described, the <br />"Net Revenues"), but only in amounts and at such times as will be <br />sufficient (together with other amounts in the Debt Service <br />Account) to pay, when due, the principal of and interest on the <br />Bonds; (b) all accrued interest received upon delivery of the <br />Bonds; (c) any collections of all taxes hereafter levied for the <br />paYment of the Bonds and interest thereon; (d) all investment <br />earnings on funds held in the Debt Service Account; and (e) any <br />and all other moneys which are properly available and are <br />appropriated by the Council to the Debt Service Account. The <br />Debt Service Account shall be used solely to pay the principal of <br />and interest on the Bonds and any other general obligation bonds <br />of the City hereafter issued by the City and made payable from <br />said account as provided by law. <br /> <br />As used in this Resolution, the term Net Revenues means <br />the gross revenues derived by the City from the operation of its <br />municipal sanitary sewer system, including all charges for <br />service, use, availability, and connection to said system, and <br />all monies received from the sale of any facilities or equipment <br />of said system or any by-products thereof, less all normal, <br />reasonable, or current costs of owning, operating, and <br />maintaining the system. If any paYment of principal or interest <br />on the Bonds shall become due when there are not sufficient funds <br />in the Debt Service Account to pay the same, the City Finance <br />Director shall pay such principal or interest from the general <br />fund or other available fund of the City, and such fund shall be <br />reimbursed for such advances from the proceeds of the Net <br />Revenues or of any general ad valorem taxes hereafter levied for <br /> <br />264042. 1 <br /> <br />15 <br />