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the person who is the registered owner thereof as of the Regular Record Date, and shall be payable to the person who is the registered owner thereof at the close of business on a date (the "Special Record Date") fixed by the Bond Registrar whenever money becomes available for payment of the defaulted interest. Notice of the Special Record Date shall be given by the Bond Registrar to the registered owners not less than ten (10) days prior to the Special Record Date. 14. Treatment of Registered Owne~. The City and Bond Registrar may treat the person in whose name any Bond is registered as the owner of such Bond for the purpose of receiving payment of principal of and premium, if any, and interest (subject to the payment provisions in paragraph 13 above) on, such Bond and for all other purposes whatsoever whether or not such Bond shall be overdue, and neither the City nor the Bond Registrar shall be affected by notice to the contrary. 15. Delivery; Application of Proceeds. The Bonds when so prepared and executed shall be delivered by the City Finance Director to the Purchaser upon receipt of the purchase price, and the Purchaser shall not be obliged to see to the proper application thereof. 16. Fund and Accounts. There is hereby created a special fund of the City designated the ,,$5,725,000 General Obligation Bonds, Series 1999A Fund" (the ,'Fund") to be held and administered by the City as a bookkeeping account separate and apart from all other funds maintained in the official financial records of the City. The Fund shall continue to be maintained in the manner herein specified until all of the Bonds herein authorized and all other bonds payable from said Fund and the interest thereon have been fully paid. There shall be maintained in the Fund two (2) separate accounts, to be designated the "Capital Account" and "Debt Service Account", respectively. (i) Capital Account. To the Capital Account there shall be credited the proceeds of the sale of the Bonds, net of the amounts thereof allocated to the Debt Service Account pursuant to paragraph 16(ii) below. Said monies shall be segregated into separate subaccounts of the Capital Account for the specific improvements to which they relate, being the Chapter 429 Improvements, the water system improvements, the sanitary sewer improvements, and the tax increment improvements, respectively, referenced in Exhibits A and B of this Resolution. From each such subaccount (including any earnings thereon) there shall be paid all costs and expenses of making the Improvements to which each such subaccount relates, including the cost of any construction contracts heretofore let or hereafter to be let and all other costs, incurred and to be incurred for the particular Improvement, of the kind authorized in Minnesota Statutes, Section 475.65, and such monies in the respective subaccounts of the Capital Account shall be used for no other purposes except as otherwise provided by law or this Resolution. 1045757.1 19