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13. Treatment of Registered Owner. The City and Bond Registrar may treat the <br />person in whose name any Bond is registered as the owner of such Bond for the purpose of <br />receiving payment of principal of and premium, if any, and interest (subject to the payment <br />provisions in 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 be affected <br />by notice to the contrary. <br />14. Delivery; Application of Proceeds. The Bonds when so prepared and executed <br />shall be delivered by the Treasurer to the Purchaser upon receipt of the purchase price, and the <br />Purchaser shall not be obliged to see to the proper application thereof <br />15. Fund and Accounts. There is hereby created a special fund to be designated the <br />"General Obligation Taxable Tax Increment Bonds, Series 2001A Fund" (the "Fund ") to be <br />administered and maintained by the Treasurer as a bookkeeping account separate and apart from <br />all other 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 any other general obligation <br />tax increment bonds hereafter made payable from the Fund and issued for the Project, including <br />any modifications or additions thereto, and the interest thereon have been fully paid. There shall <br />be maintained in the Fund two (2) separate accounts to be designated the "Capital Account" and <br />"Debt Service Account ", respectively. <br />(a) Capital Account. To the Capital Account there shall be credited the proceeds of the <br />sale of the Bonds, less accrued interest received thereon, less any amount paid for the Bonds in <br />excess of $1,654,800 and and less capitalized interest in the amount of $244,555.38 (together <br />with interest earnings thereon and subject to such other adjustments as are appropriate to provide <br />sufficient funds to pay interest due on the Bonds on or before December 15, 2002). From the <br />Capital Account there shall be paid all costs and expenses of the Project, including the cost of <br />any construction contracts heretofore let and all other costs incurred and to be incurred of the <br />kind authorized in Minnesota Statutes, Section 475.65. The moneys in the Capital Account shall <br />be used for no other 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 Bonds due prior to the <br />receipt of Tax Increments. <br />(b) Debt Service Account. There are hereby irrevocably appropriated and pledged to, <br />and there shall be credited to, the Debt Service Account: (i) Tax Increments in an amount <br />sufficient, together with other sums herein pledged, to pay the annual principal and interest <br />payments on the Bonds; (ii) all accrued interest received upon delivery of the Bonds; (iii) all <br />funds paid for the Bonds in excess of $1,654,800; (iv) capitalized interest in the amount of <br />$244,555.38 (together with interest earnings thereon and subject to such other adjustments as are <br />appropriate to provide sufficient funds to pay interest due on the Bonds on or before December <br />15, 2002); (v) any collections of all taxes herein or hereafter levied for the payment of the Bonds <br />and interest thereon; (vi) all funds remaining in the Capital Account after completion of the <br />Project and payment of the costs thereof (vii) all investment earnings on funds held in the Debt <br />Service Account; and (viii) any and all other moneys which are properly available and are <br />1237935.1 <br />17 <br />