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payment provisions in paragraph 12 above with respect to interest payment and record date) on <br />such Certificate and for all other purposes whatsoever whether or not such Certificate shall be <br />overdue, and neither the City nor the Registrar shall be affected by notice to the contrary. <br />14. Delivery; Application of Proceeds. The Certificates when so prepared and <br />executed shall be delivered by the Finance Director to the Purchaser upon receipt of the purchase <br />price, and the Purchaser shall not be obliged to see to the proper application thereof. <br />1 S. Fund and Accounts. There is hereby created a special fiznd to be <br />designated the "General Obligation Equipment Certificates of Indebtedness, Series 2007C Fund" <br />(the "Fund") to be administered and maintained by the Finance Director as a bookkeeping <br />account separate and apart from all other funds maintained in the official financial records of the <br />City. The Fund shall be maintained in the manner herein specified until all of the Certificates <br />and the interest thereon have been fully paid. There shall be maintained in the Fund two (2) <br />separate accounts, to be designated the "Capital Account" and "Debt Service Account", <br />respectively. <br />(i) Capital Account. To the Capital Account there shall be credited <br />the proceeds of the sale of the Certificates, less accrued interest received thereon, <br />and less any amount paid for the Certificates in excess of $353,340. From the <br />Capital Account there shall be paid all costs and expenses of acquiring and <br />installing the equipment, including all costs incurred and to be incurred of the <br />kind authorized in Minnesota Statutes, Section 47S.bS; and the moneys in said <br />account shall be used for no other purpose except as otherwise provided by law; <br />provided that the proceeds of the Certificates may also be used to the extent <br />necessary to pay interest on the Certificates due prior to the anticipated date of <br />commencement of the collection of taxes herein levied. <br />(ii) Debt Service Account. There are hereby irrevocably appropriated <br />and pledged to, and there shall be credited to, the Debt Service Account: (a) all <br />accrued interest received upon delivery of the Certificates; (b) all funds paid for <br />the Certificates in excess of $353,340; (c) any collections of all taxes herein or <br />hereafter levied for the payment of the Certificates and interest thereon; (d) all <br />funds remaining in the Capital Account after the payment of all costs of acquiring <br />and installing the Equipment; (e) all investment earnings on funds held in the <br />Debt Service Account; and (f) any and all other moneys which are properly <br />available and are appropriated by the governing body of the City to the Debt <br />Service Account. The Debt Service Account shall be used solely to pay the <br />principal and interest of the Certificates and any other general obligation <br />certificates of the City hereafter issued by the City and made payable from said <br />account as provided by law. <br />No portion of the proceeds of the Certificates shall be used directly or <br />indirectly to acquire higher yielding investments or to replace funds which were <br />used directly or indirectly to acquire higher yielding investments, except (1) for a <br />reasonable temporary period until such proceeds are needed for the purpose for <br />which the Certificates were issued and (2) in addition to the above in an amount <br />Zoa62os~~ 1S <br />