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. . . Permanent Improvement Revolving Fund Bonds, Series 1993B, Construction Subaccount (the "1993B Construction Subaccount"). (i) 1993B Construction Subaccount. To the 1993B Construction Subaccount there shall be credited the proceeds of the sale of the Bonds, less accrued interest received thereon, and less any amount paid for the Bonds in excess of $3,479,045. From the funds on hand in the 1993B Construction Subaccount (including any earnings thereon) there shall be paid all costs and expenses of making the Assessment Improvements and the Water System Improvements (in the respective amounts allocable thereto by virtue of the division of the Bonds into the Series 1993B Improvement Bonds and the Series 1993B Water Revenue Bonds), including the cost of any construction contracts heretofore let and all other costs incurred and to be incurred of the kind authorized in Minnesota Statutes, Section 475.65; and such moneys in the 1993B Construction Subaccount shall be used for no other purposes except as otherwise provided by law or this Resolution. (ii) Debt Service Account. Subject to the conditions and limitations hereinafter provided, there are hereby irrevocably appropriated and pledged to, and there shall be credited to, the Debt Service Account: (a) all collections of special assessments levied or to be levied with respect to the Revolving Fund Improvements, together with such amounts of special assessments from any other improvement which are not pledged to and needed for other purposes as the Councilor the City Finance Director may from time to time determine, but only to the extent and in the amounts necessary to pay, when due, the principal of and interest on the Bonds and any Additional Bonds, after taking into account any other assessments, taxes, or other revenues herein or hereafter pledged and appropriated to the Debt Service Account or otherwise made available for its purposes; (b) all accrued interest received upon the delivery of the Bonds; (c) all funds paid for the Bonds in excess of $3,479,045; (d) all collections of all taxes hereinafter or hereafter levied for payment of the principal of and interest on the Bonds; (e) the net revenues of the City's municipal water system (as hereinafter defined, the "Net Revenues"), provided that the amounts thereof shall not exceed amounts necessary to pay the principal of and interest on the Series 1993B Water Revenue Bonds, when due; (f) all investment earnings on moneys held in the Debt Service Account; and (g) any and all other funds which are properly available and are appropriated by the City Council to the Debt Service Account. The Debt Service Account shall be used solely to pay the principal of, interest on, and premiums for, if any, the Bonds, any Additional Bonds, and any obligations permitted by the Subdivision to be issued to refund the same. 246005 18