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W Construction Account . To the Construction Account <br /> there shall be credited the proceeds of the sale of the Bonds, <br /> less accrued interest received thereon, and less any amount paid <br /> for the Bonds in excess of $3 , 349, 580, and less capitalized <br /> interest in the amount of $ , (together with interest <br /> earnings thereon and subject to such other adjustments as are <br /> appropriate to provide sufficient funds to pay interest due on <br /> the Bonds on or before February 1, 2002) , plus any special <br /> assessments levied with respect to the Improvements and collected <br /> prior to completion of the Improvements and payment of the costs <br /> thereof. From the Construction Account there shall be paid all <br /> costs and expenses of making the Improvements listed in paragraph <br /> 16, including the cost of any construction contracts heretofore <br /> let and all other costs incurred and to be incurred of the kind <br /> authorized in Minnesota Statutes, Section 475 . 65; and the moneys <br /> in said account shall be used for no other purpose except as <br /> otherwise provided by law; provided that the proceeds of the <br /> Bonds may also be used to the extent necessary to pay interest on <br /> the Bonds due prior to the anticipated date of commencement of <br /> the collection of taxes or special assessments herein levied or <br /> covenanted to be levied; and provided further that if upon <br /> completion of the Improvements there shall remain any unexpended <br /> balance in the Construction Account, the balance (other than any <br /> special assessments) may be transferred by the Council to the <br /> fund of any other improvement instituted pursuant to Minnesota <br /> Statutes, Chapter 429, and provided further that any special <br /> assessments credited to the Construction Account shall only be <br /> applied towards payment of the costs of the Improvements upon <br /> 'adoption of a resolution by the City Council determining that the <br /> application of the special assessments for such purpose will not <br /> cause the City to no longer be in compliance with Minnesota <br /> Statutes, Section 475 . 61, Subdivision 1. <br /> (ii) Debt Service Account . There are hereby irrevocably <br /> appropriated and pledged to, and there shall be credited to, the <br /> Debt Service Account : (a) all collections of special assessments <br /> herein covenanted to be levied with respect to the Improvements <br /> and either initially credited to the Construction Account and not <br /> already spent as permitted above and required to pay any princi- <br /> pal and interest due on the Bonds or collected subsequent to the <br /> completion of the Improvements and payment of the costs thereof; <br /> (b) all accrued interest received upon delivery of the Bonds; (c) <br /> all funds paid for the Bonds in excess of $3, 349, 580; (d) <br /> capitalized interest in the amount of $ (together with <br /> interest earnings thereon and subject to such other adjustments <br /> as are appropriate to provide sufficient funds to pay interest <br /> due on the Bonds on or before February 1, 2002) ; (e) all <br /> collections of taxes herein or hereafter levied for the payment <br /> of the Bonds and interest thereon; (f) all funds remaining in the <br /> Construction Account after completion of the Improvements and <br /> payment of the costs thereof, not so transferred to the account <br /> 1194249.1 21 <br />