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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 ~iven by the Bond Registrar to the registered owners not less than ten (10) days prior to the Special Record Date. 14. Treatment of Reqistered Owner. 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. Deliver¥~ ADplication of Proceeds. The Bonds when so prepared and executed shall be delivered 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. The City has heretofore established and continuously maintained its Permanent Improvement Revolvin~ Fund ~ ~u~"~ ~ ~ ~e~~ ~u~ ~h~ the meanin~ of and e 1 e o s t 9.091, Subdivision 7a ("Subsection 7a"), and which has been and shall continue to be held and administered by the City as a bookkeeping account separate and apart from all other funds maintained in the City's official financial records. Within the Fund there are hereby established two separate, segregated accounts designated "Series 2000B PIR Bonds Construction Account" (the "Construction Account") and "Series 2000B PIR Bonds Debt Service Account,, (the "Debt Service Account"), subject to the followin9 provisions. (i) Construction Account. To the Construction Account there shall be credited the proceeds of the sale of the Bonds, less any amounts deposited into the Debt Service Account pursuant to subparagraph (ii) below. From the Construction Account (including any earnings thereon) there shall be paid all costs of issuing the Bonds and the expenses of making the Improvements, includin9 the cost of any construction contracts heretofore let and all other costs incurred and to be incurred of the kind authorized in Minnesota Statutes, Section 475.65; and such moneys in the Construction Account shall be used for no other purpose except as otherwise provided by law or this Resolution. (ii) Debt Service Account. There are hereby irrevocably appropriated and pledged to, and there shall be credited to, the Debt Service Account: (a) all collections of special assessments (subject to such flexibility as may be provided pursuant to Subdivision 7a) levied or to be levied with respect to the Improvements, to~ether with such amounts of special assessments from any other improvements which are not pledged to