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<br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />designated the "Series 1992A Improvement Bonds Construction <br />Account. II The proceeds of the sale of the Bonds, plus any <br />special assessments levied with respect to the Improvements and <br />collected prior to the completion of the Improvements and paYment <br />of the cost thereof, less (i) any accrued interest, (ii) $89,740 <br />attributable to capitalized interest, and (iii) proceeds, if any, <br />in excess of $2,314,750, shall be credited to the Series 1992A <br />Improvement Bonds Construction Account. From such account shall <br />be paid all costs and expenses related to the construction of the <br />Improvements. The moneys in such account may also be used to the <br />extent necessary to pay interest or principal due on the Bonds <br />prior to the commencement of the collection of special <br />assessments levied or to be levied for the purpose of paying the <br />costs of the Improvements and the principal and interest due upon <br />. the Bonds. The moneys in such account shall be used for no other <br />purpose, except as otherwise permitted by law, prior to the <br />completion and paYment of all costs of the Improvements. If upon <br />completion of the Improvements there shall remain any unexpended <br />balance in such account, the balance . (other than any special <br />assessments) may be transferred by the Council to the account of <br />any other improvement instituted pursuant to Minnesota Statutes, <br />Chapter 429. Any special assessments credited to such account <br />are hereby pledged and shall be used only to pay principal and <br />interest due on the'Bonds. When the total cost of the <br />Improvements has been paid, such account shall be discontinued <br />and any money remaining in such account (not transferred by the <br />Council to the account of any other improvement) shall be <br />transferred to the separate account in the Common Debt Service <br />Account of the City authorized in Section 4.01 hereof. <br /> <br /> <br />3.02. Other Proceeds. Proceeds attributable to accrued <br />interest, capitalized interest in the amount of $89,740, and <br />proceeds, if any, in excess of $2,314,750 shall be deposited in <br />the debt service account created in Section 4.01 hereof. <br /> <br />Section 4. Sinking Fund and Tax Levies. <br /> <br />4.01. Debt Service Account. A special fund designated <br />IICommon Debt Service Accountll has previously been established <br />separate from other funds of the City. A separate account within <br />the Common Debt Service Account is hereby established, designated <br />the IISeries 1992A Improvement Bond Debt Service Account. II It is <br />hereby pledged and there shall be credited to such separate <br />account (i) all accrued interest received from the purchaser of <br />the Bonds, (ii) proceeds attributable to capitalized interest in <br />the amount of $89,740, (iii) proceeds, if any, in excess of <br />$2,314,750, (iv) all collections of special assessments to be <br />levied and either initially credited to the Series 1992A <br />Improvement Bonds Construction Account or collected subsequent to <br />the completion of the Improvements and paYment of the cost <br />thereof, (v) all taxes levied for paYment of the Bonds, and <br />(vi) all funds remaining in the Series 1992A Improvement Bonds <br />Construction Account after completion of the Improvements and <br />paYment of the cost thereof (not transferred by the Council to <br /> <br />12. <br />