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13. <br /> <br />14. <br /> <br />15. <br /> <br />shall be payable to the person who is the Holder thereof at the close of business on <br />a date (the "Special Record Date") fixed by the Bond Registrar whenever money <br />becomes available for payment of the defaulted interest. Notice of the Special <br />Record Date shall be given by the Bond Registrar to the Holders not less than ten <br />(10) days prior to the Special Record Date. <br /> <br />Treatment of Registered Owner. The City and Bond Registrar may treat the person <br />in whose name any Bond is registered as the owner of such Bond for the purpose of <br />receiving payment of principal of and interest (subject to the payment provisions in <br />paragraph 12 above) on such Bond and for all other purposes whatsoever, whether <br />or not such Bond shall be overdue, and neither the City nor the Bond Registrar shall <br />be affected by notice to the contrary. <br /> <br />Delivery; Application of Proceeds. The Bonds, when so prepared and executed, as <br />provided herein, shall be delivered by the City's Director of Management Services <br />to the Purchaser upon receipt of the purchase price, and the Purchaser shall not be <br />obliged to see to the proper application thereof. <br /> <br />Fund and Accounts. For the convenience and proper administration of the moneys <br />to be borrowed and repaid on the Bonds, and to make adequate and specific security <br />to the Purchaser and registered owners from time to time of the Bonds, there is <br />hereby created a special fund to be designated the General Obligation Tax Increment <br />Bonds, Series 2000A, Fund" (the "Fund"), to be administered and maintained by the <br />City Finance Director as a bookkeeping account separate and apart from all other <br />funds maintained in the official financial records of the City. The Fund shall be <br />maintained in the manner herein specified until all of the Bonds and the interest <br />thereon shall have been fully paid or defeased. There shall be maintained in the Fund <br />two separate accounts, to be designated the "Project Account" and the "Debt Service <br />Account," respectively. <br /> <br />(i) <br /> <br />Project Account. To the Project Account there shall be credited the proceeds <br />of the sale of the Bonds, less amounts to be deposited into the Debt Service <br />Account pursuant to (ii) below. From the Project Account there shall be paid <br />all costs and expenses of the Improvements, including the cost of issuance of <br />the Bonds and the cost of any contracts heretofore let and all other costs <br />incurred and to be incurred of the kind authorized in Minnesota Statutes, <br />Section 475.65; and the moneys in said account shall be used for no other <br />purpose except as otherwise provided by law; provided that the proceeds of <br />the Bonds may also be used to the extent necessary to pay interest on the <br />Bonds due prior to the anticipated date of commencement of the collection <br />of the revenues described in (ii) below. <br /> <br />1217682.1 18 <br /> <br /> <br />