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<br />e <br /> <br />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 proper 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 Fihance 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 />e <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 />proceeds of the $28,000 ad valorem taxes levied for the certificate <br />pursuant to Resolution No. 93-83, adopted by the Council on <br />December 20, 1993 ; and (3) third, any other funds which are <br />properly available and are appropriated by the Council to the Debt <br />Service Account. The aforesaid funds, when deposited in the Debt <br />Service Account, shall be used only and exclusively for, and are <br />hereby pledged to, the payment of the principal of and interest on <br />the Certificate, when due, and such other obligations of the City <br />as may be made payable therefrom. If any payment of principal or <br />interest shall become due when there are not sufficient funds in <br />the Debt Service Account to pay the same, the City Finance Director <br />shall pay such principal or interest from the general fund or other <br />available fund of the City, and such fund shall be reimbursed for <br />such advances from the proceeds of the ad valorem taxes levied for <br />such purpose, when collected. <br /> <br />e <br /> <br />274037.1 <br /> <br />6 <br />