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. . . purchase price, and the purchaser shall not be required to see to the application of the purchase price. 2.4) Designation Under Section 265(b)(3). The Certificates are hereby designated as "qualified tax-exempt obligations" as such term is defined in Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. Section 3. 1990 Police, Street, and Miscellaneous Equipme~~ Fund. A separate fund is hereby established which shall be called the "1990 Police, Street, and Miscellaneous Equipment Fund." The proceeds of the sale of the Certificates shall be credited to such fund, which shall be used solely to pay the cost of the public safety, public works and other capital equipment purchased, or to be purchased, and expenses incurred in the issuance of the Certificates. After paYment of all costs of such equipment and such expenses of issuance, such fund shall be discontinued and any monies remaining therein shall be transferred to the separate account in the general debt service fund of the City authorized by Section 4 of this Resolution. Section 4. Common Debt Service Acco?nt. The Certificates shall be payable from a separate account in the Common Debt Service Account of the City which shall be established solely for the paYment of the Certificates. Such account shall be designated the "1990 General Obligation Equipment Certificates Debt Service Account." The City agrees to maintain such account until the Certificates have been paid in full. Into such account shall be paid all receipts from the taxes levied to pay the Certificates and any other money appropriated to such account from any other source. If the money in such account shall at any time be insufficient to pay principal and interest due on the Certificates, such amounts shall be paid from the general fund of the City, which shall be reimbursed therefor when sufficient money becomes available in such account. The monies on hand in such account from time to time shall be used only to pay the principal of and interest on the Certificates and such other general obligation certificates or bonds of the City as are made payable therefrom by the City Council in accordance with applicable law. Any sums from time to time held in such separate account (or any other City fund which will be used to pay principal or interest to become due on the Certificates) in excess of amounts which under Section 148 of the Internal Revenue Code of 1986, as amended (the COde), may be invested without regard to yield, shall not be invested at a yield in excess of the applicable yield restrictions imposed by such regulations. Section 5. Pledge of Taxing Powers. The full faith and credit and taxing powers of the City are hereby irrevocably pledged to the paYment of the Certificates and the interest thereon when due. Taxes in the amount of Twenty-nine Thousand Nine Hundred Ninety Dollars ($29,990), which are to be applied 5.