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CIP Improvements, will be deposited in the CIP Improvements Account of the Project Fund to be used solely to defray expenses of the CIP Improvements and the payment of principal of and interest on the CIP Bonds prior to the completion and payment of all costs of the CIP Improvements. Any balance remaining in the CIP Improvements Account, after the CIP Improvements are completed and the cost thereof have been paid, may be used as provided in Minnesota Statutes, section 475.65, under the direction of the City Council. Thereafter, the CIP Improvements Account of the Project Fund is to be closed and any balance remaining therein and any subsequent collections of the CIP Improvement Taxes for the CIP Improvements are to be deposited in the CIP Improvements Account of the Debt Service Fund. (b) Equipment Account. Proceeds of the Equipment Certificates, less the appropriations made in Section 4.01(b) hereof, will be deposited in the Equipment Account of the Project Fund to be used solely to defray expenses of acquiring the Equipment. Any balance remaining in the Equipment Account, after the Equipment has been acquired and the cost thereof have been paid, may be used as provided in Minnesota Statutes, section 475.65, under the direction of the City Council. Thereafter, the Equipment Account of the Project Fund is to be closed and any balance remaining therein is to be deposited in the Equipment Account of the Debt Service Fund. 4.03. Tax Levy for CIP Bonds. For the purpose of paying the principal of and interest on the CIP Bonds, there is hereby levied a direct annual irrepealable ad valorem tax upon all of the taxable property in the City, which Taxes will be spread upon the tax rolls and collected with and as part of other general taxes of the City. Such Taxes will be credited to the CIP Improvements Account of the Debt Service Fund above provided and will be in the years and amounts as set forth in Exhibit C. The tax levy herein provided will be irrepealable until all of the CIP Bonds are paid, provided that the City Finance Director may annually, at the time the City makes its tax levies, certify to the County Auditor/Treasurer of Sherburne County the amount available in the CIP Improvements Account of the Debt Service Fund to pay principal and interest due during the ensuing year on the CIP Bonds, and the County Auditor/Treasurer of Sherburne County will thereupon reduce the levy collectible during such year by the amount so certified. 4.04 Tax Levy for Equipment Certificates. For the purpose of paying the principal of and interest on the Equipment Certificates portion of the Bonds there is hereby levied a direct annual irrepealable ad valorem tax upon all of the taxable property in the City, which will be spread upon the tax rolls and collected with and as part of other general taxes of the City. The taxes will be credited to the Equipment Account of the Debt Service Fund above provided and will be in the years and amounts as set forth in Exhibit D. The tax levy herein provided will be irrepealable until all of the Equipment Certificates are paid, provided that the City Finance Director may annually, at the time the City makes its tax levies, certify to the County Auditor/Treasurer of Sherburne County the amount available in the Equipment Account of the Debt Service Fund to pay principal and interest due during the ensuing year on the CIP Bonds, and the County Auditor/Treasurer of Sherburne County will thereupon reduce the levy EL185-65-708496.v2 10