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9. Leqal Opinion. The City Finance Director shall <br />obtain a copy of the proposed approving legal opinion of bond <br />counsel for the Bonds, Briggs and Morgan, St. Paul, Minnesota, <br />and shall cause such opinion to be filed in the offices of the <br />City. <br /> <br /> 10. Execution. The Bonds shall be executed on behalf <br />of the City by the manual signatures of the Mayor and the City <br />Administrator (or, in the event of the unavailability of either, <br />by the Acting Mayor and/or the Acting City Administrator) and <br />shall be duly registered by the manual signature of the City <br />Finance Director as Bond Registrar. The official seal of the <br />City shall be impressed upon the Bonds. The Bonds, when fully <br />executed and sealed, shall be delivered by the City Finance <br />Director to the respective Purchasers upon receipt of the <br />purchase prices thereof, and the Purchasers shall not be <br />obligated to see to the proper application thereof. <br /> <br /> 11. Treatment of Reqistered Owner. The City and Bond <br />Registrar may treat the person in whose name any Bond is <br />registered as the owner of such Bond for the purpose of receiving <br />payment of principal of and interest on such Bond and for all <br />other purposes whatsoever whether or not such Bond shall be <br />overdue, and neither the City nor the Bond Registrar shall be <br />affected by notice to the contrary. <br /> <br /> 12. Delivery; Application of Proceeds. The Bonds when <br />so prepared and executed shall be delivered by the City Finance <br />Director to the Purchaser upon receipt of the purchase price, and <br />the Purchaser shall not be obliged to see to the proper <br />application thereof. <br /> <br /> 13. Fund and Accounts. There is hereby created a <br />special fund of the City designated the "$2,100,000 General <br />Obligation Ice Arena Bonds, Series 1996C Fund" (the "Fund") to be <br />held and administered by the City as a bookkeeping account <br />separate and apart from all other funds maintained in the <br />official financial records of the City. The Fund shall continue <br />to be maintained in the manner herein specified until all of the <br />Bonds herein authorized and all other bonds payable from said <br />Fund and the interest thereon have been fully paid. There shall <br />be maintained in the Fund two (2) separate accounts, to be <br />designated the "Capital Account" and "Debt Service Account", <br />respectively. <br /> <br /> (i) Capital Account. To the Capital Account there shall be <br />credited the proceeds of the sale of the Bonds, less amounts <br />thereof directed in paragraph 13(ii) below for deposit into the <br />Debt Service Account. From the Capital Account there shall be <br />paid all costs and expenses of issuing the Bonds and of acquiring <br />and completing the Ice Arena, including the cost of any <br />construction contracts heretofore let and all other costs <br />incurred and to be incurred of the kind authorized in Minnesota <br /> <br />324502.1 9 <br /> <br /> <br />