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(ii) Debt Service Account. To the Debt Service Account <br />there are hereby pledged and irrevocably appropriated and there <br />shall be credited, subject to the conditions hereinafter stated: <br /> <br /> (1) The accrued interest on the Bonds paid by the <br />Purchaser on the actual date of settlement of the Bonds, <br />$ of additional proceeds o~ the ~ond~, and <br />all funds paid for the Bonds in excess of $5,639,125, all to <br />be used for the payment of the interest first coming due on <br />the Bonds. <br /> <br /> (2) The assessments described in paragraph 17 of this <br />Resolution. <br /> <br /> (3) Net Revenues (hereinafter defined) of the City's <br />municipal water system and sanitary sewer system, <br />respectively. <br /> <br /> (4) The tax increments (the "Tax Increments") received <br />by the City pursuant to the Tax Increment Pledge Agreement <br />described in paragraph 27 of this Resolution. <br /> <br /> (5) Ail collections of any ad valorem taxes <br />hereinafter or hereafter levied for the payment of the <br />Bonds. <br /> <br /> (6) Ail investment earnings on funds held in the Debt <br />Service Account. <br /> <br /> (7) Any and all other monies which are properly <br />available and which are appropriated by the Council to the <br />Debt Service Account. <br /> <br />The foregoing funds are hereby pledged to the Debt Service <br />Account, but only in such amounts and at such times as may be <br />necessary, together with the other available funds therein and <br />available for such purposes, (and the same shall be used solely) <br />to pay the principal of and interest on the Bonds, or allocable <br />portions thereof, when due, subject to the following conditions: <br /> <br /> (1) Under applicable Minnesota law or City procedures, <br />certain of the sources of funds described above may be used <br />or pledged only for specified purposes, and it is the intent <br />of the Council to abide by such restrictions and further to <br />allocate the appropriate revenues to pay for the <br />Improvements to which the generation of those revenues <br />relates. Accordingly, the general dedication of revenues <br />hereinabove to the Debt Service Account shall be subject to <br />such restrictions, and such pledges are hereby limited by <br />such applicable provisions of law and City procedures, <br />without, however, affecting in any way the City's pledge of <br />its full faith and credit and general ad valorem taxing <br />powers to the payment of all of the Bonds, when due. <br /> <br />1045757.1 <br /> <br />20 <br /> <br /> <br />