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<br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />16. Permanent Improvement Revolving Fund: Accounts <br />Therein. The City hereby establishes its Permanent Improvement <br />Revolving Fund (the "Fund"), which the City hereby covenants that <br />it will continue to maintain as a "revolving fund," within the <br />meaning of Minnesota statutes, section 429.091, Subdivision 7a <br />(as the same may be amended or supplemented, the "Subdivision"), <br />throughout the term of the Bonds and any additional bonds or <br />similar obligations (the "Additional Bonds") which may be issued <br />with respect to the Fund as "revolving fund bonds" under the <br />subdivision (including refunding obligations permitted thereby). <br />The Fund shall continue to be held and administered by the City <br />as a bookkeeping account separate and apart from all other funds <br />maintained in the City's official financial records. Pursuant to <br />the SUbdivision, there is hereby established, and there shall <br />continue to be maintained, within the Fund two separate accounts <br />designated as the "Construction Account" and the "Debt Service <br />Account," respectively. In accordance with the Subdivision, the <br />Construction Account is intended for the payment, in whole or in <br />part, of the costs (1) of "improvements" (as defined in Minnesota <br />Statutes, Chapter 429) designated by the City for funding <br />therefrom for which at least 20% of the costs thereof are to be <br />assessed against benefitted properties; (2) of water works, sewer <br />system, or storm sewer system improvements described in Minnesota <br />Statutes, section 444.075; and/or (3) of such other improvements <br />as may be permitted in accordance with the terms of the <br />Subdivision (collectively, the "Revolving Fund Improvements"). <br /> <br />within the Construction Account there is hereby established <br />and shall be maintained a separate subaccount designated as <br />"General Subaccount," into which all monies allocated thereto <br />from time to time shall be deposited and maintained, together <br />with earnings thereon. Funds of the type described in the <br />Subdivision as being eligible for deposit in the Construction <br />Account, including special assessments from any improvement which <br />are not pledged to and needed for other purposes, shall be <br />deposited into the General Account in such amounts and at such <br />times as the Councilor the City Finance Director may determine. <br />No monies in the General Subaccount shall be transferred to the <br />Debt Service Account or otherwise used to pay debt service on the <br />Bonds or any Additional Bonds. No proceeds of the Bonds or of <br />any issue of Additional Bonds shall be deposited into the General <br />Subaccount; such proceeds shall instead be deposited and <br />maintained in separate subaccounts, respectively, of the <br />Construction Account and disbursed therefrom for the purpose of <br />each such issue. <br /> <br />Accordingly, with respect to the Bonds, within the <br />Construction Account there is hereby established a separate <br />subaccount designated as the "$3,525,000 General Obligation <br /> <br />246005 <br /> <br />17 <br />