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<br />tit <br /> <br />specified until all of the Bonds and the interest thereon have <br />been fully paid. There shall be maintained in the Fund two (2) <br />separate accounts, to be designated the "Capital Account" and <br />"Debt Service Account", respectively. <br /> <br />(i) Caoital Account. To the Capital Account there <br />shall be credited the proceeds of the sale of the Bonds, <br />less amounts to be deposited into the Debt Service Account <br />pursuant to (ii) below. From the Capital Account there <br />shall be paid all costs and expenses of the Improvements, <br />including the cost of issuance of the Bonds and the cost of <br />any construction contracts heretofore let 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 <br />otherwise provided by law; provided that the proceeds of the <br />Bonds may also be used to the extent necessary to pay <br />interest on the Bonds due prior to the anticipated date of <br />commencement of the collection of the tax increments <br />described in (ii) below. <br /> <br />e <br /> <br />(ii) Debt Service Account. There are hereby <br />irrevocably appropriated and pledged to, and there shall be <br />credited to the Debt Service Account: (a) all accrued <br />interest received upon delivery of the Bonds, any unused <br />allowance for discount bidding, and capitalized interest in <br />the amount of $ -0- , all to be used to pay the <br />interest first coming due on the Bonds; (b) the "Available <br />Tax Increments" (as hereinafter defined), provided that the <br />amounts thereof so pledged to the paYment of the Bonds shall <br />not exceed amounts necessary, when combined with other funds <br />available for such purposes in the Debt Service Account, to <br />pay the principal of and interest on the Bonds, when due; <br />(c) all collections of any taxes which may hereafter be <br />levied for the paYment of the principal of and interest on <br />the Bonds; (d) all funds remaining in the Capital Account <br />after completion of the Improvements and paYment of the <br />costs thereof, not so transferred to the account of another <br />project; (e) all investment earnings on funds held in the <br />Debt Service Account; and (f) any and all other moneys which <br />are properly available and are appropriated by the Council <br />to the Debt Service Account. The Debt Service Account shall <br />be used solely to pay the principal and interest on the <br />Bonds. <br /> <br />As used in this paragraph 16(ii), the term "Available <br />Tax Increments" means those tax increments that are derived <br />by the City from its Tax Increment Financing District Nos. 1 <br />and 3, all within the City's Development District No.1, <br />subject, however, to the following stipulations: (1) in <br /> <br />e <br /> <br />266467.1 <br /> <br />15 <br />