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Please insert social security or other identifying number 4It of assignee 4It 4It Section 3. Use of Bond Proceeds. 3.01. Improvement Costs. A special fund designated "Improvement Bonds Common Fund" has previously been established separate from other funds of the City. A separate account is hereby established within the Improvement Bonds Common Fund designated the "Series 1986A Improvement Bonds Construction Account." The proceeds of the sale of the Bonds, less any accrued interest, $156,000 attributable to capitalized interest and proceeds, if any, in excess of $1,939,450, 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 1986A 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 taxes or 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 unexpended 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 $156,000, and proceeds, if any, in excess of $1,939,450, shall be deposited In the debt service account created in Section 4.01 hereof. Section 4. Sinkinq 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 13.