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. . . designated the "Series 1988A Improvement Bonds Construction Account." The proceeds of the sale of the Bonds, less any accrued interest, $55,313 attributable to capitalized interest and proceeds, if any, in excess of $1,164,070, plus any special assessments levied with respect to the Improvements and collected prior to the completion of the Improvements and payment of the cost thereof, shall be credited to the Series 1988A Improvement Bonds Construction Account. From such account shall be paid all costs and expenses related to the construction of the Improvements; provided, that the moneys in such account may also be used to the extent necessary to pay interest or principal due on the Bonds prior to the commencement of the collection of special assessments levied or to be levied for the purpose of paying the costs of the Improvements and the principal and interest due upon the Bonds. The moneys in such account shall be used for no other purpose, except as otherwise permitted by law, prior to the completion and payment of all costs of the Improvements. If upon completion of the Improvements there shall remain any Qnexpended balance in such account, the balance (other than any special assessments) may be transferred by the Council to the account of any other improvement instituted pursuant to Minnesota Statutes, Chapter 429. Any special assessments credited to such account are hereby pledged and shall be used only to pay principal and interest due on the Bonds. When the total cost of the Improvements has been paid, such account shall be discontinued and any money remaining in such account (not transferred by the Council to the account of any other improvement), shall be transferred to the separate account in the Common Debt Service Account of the City authorized in Section 4.01 hereof. 3.02. Other Proceeds. Proceeds attributable to accrued interest, capitalized interest in the amount of $55,313, and proceeds, if any, in excess of $1,164,070, shall be deposited in the debt service account created in Section 4.01 hereof. Section 4. Sinking Fund and Tax Levies. 4.01. Debt Service Account. A special fund designated "Common Debt Service Account" has previously been established separate from other funds of the Issuer. A separate account within the Common Debt Service Account is hereby established, designated the "Series 1988A Improvement Bond Debt Service Account." It is hereby pledged and there shall be credited to such separate account (a) all accrued interest received from the purchaser of the Bonds; (b) proceeds attributable to capitalized interest in the amount of $55,313; (c) proceeds, if any, in excess of $1,164,070; (d) all collections of special assessments to be levied and either initially credited to the Series 1988A Improvement Bonds Construction Account or collected subsequent to the completion of the Improvements and payment of the cost thereof; (e) all taxes levied for payment of the Bonds; and (f) all funds remaining in tbe Series 1988A 13.