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14. Delivery; Application of Proceeds. The Bonds when so prepared and executed <br />shall be delivered by the Administrator to the Purchaser upon receipt of the purchase price, and <br />the Purchaser shall not be obliged to see to the proper application thereof. <br /> <br />15. Fund and Accounts. <br /> <br /> (a) Bond proceeds in the amount of $ shall be deposited in the <br />Refimding Bonds, Series 1993A Debt Service Fund heretofore created by the Prior Resolution <br />for the Prior Bonds, which amount, together with all other funds held therein and $ <br />of available funds from the City duly appropriated for such purpose is sufficient to prepay the <br />Refunded Bonds on March 1, 2003 (the "Payment Account"). <br /> <br /> (b) There is hereby created a special fund to be designated the "General Obligation <br />Tax Increment Refunding Bonds of 2003 Fund" (the "Fund") to be administered and maintained <br />by the Administrator as a bookkeeping account separate and apart from all other funds <br />maintained in the official financial records of the City. The Fund shall be maintained in the <br />manner herein specified until all of the Bonds and the interest thereon have been fully paid. <br />There shall be maintained in the Fund two (2) separate accounts, to be designated the "Cost of <br />Issuance Account" and "Debt Service Account", respectively. <br /> <br /> (i) Cost of Issuance Account. There shall be deposited in the Cost of Issuance <br />Account all of the remaining proceeds of the Bonds not otherwise deposited in the <br />Payment Accounts as provided in paragraph 15(a), less accrued interest received thereon. <br />Monies in the Cost of Issuance Account shall be used to pay the costs of issuing the <br />Bonds. Any monies remaining in the Cost of Issuance Account after all costs of issuance <br />have been paid or provided for shall be transferred to the Debt Service Account for the <br />Bonds. <br /> <br /> (ii) Debt Service Account. There are hereby irrevocably appropriated and <br />pledged to, and there shall be credited to the Debt Service Account: (1) Tax Increments <br />in an amount which, together with other revenues herein pledged to the payment thereof, <br />are sufficient to pay the principal and interest to become due on the Bonds; (2) all <br />collections of any ad valorem taxes which may be levied in the event the Tax Increments <br />herein pledged for the payment of the principal and interest on the Bonds are insufficient <br />for the payment thereof; (3) funds remaining in the Cost of Issuance Account after all <br />costs of issuing the Bonds have been paid; (4) funds remaining on deposit in the Payment <br />Account after the Refunded Bonds have been paid and discharged; (5) all investment <br />earnings on funds in the Debt Service Account; and (6) any and all other moneys which <br />are properly available and are appropriated by the governing body of the City to the Debt <br />Service Account. The amount of any surplus remaining in the Debt Service Account <br />when the Bonds and interest thereon are paid shall be used consistent with Minnesota <br />Statutes, Section 475.61, Subdivision 4. <br /> <br />of and <br />Fund. <br />higher <br /> <br />(c) The moneys in the Debt Service Account shall be used solely to pay the principal <br />interest on the Bonds or any other bonds hereafter issued and made payable from the <br />No portion of the proceeds of the Bonds shall be used directly or indirectly to acquire <br />yielding investments or to replace funds which were used directly or indirectly to acquire <br /> <br />1487836vl 14 <br /> <br /> <br />