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~i i (i ii II capital~4ed interest funded from Bond proceeds, if any, (ii) any amount over the minimum purchase price paid by the Purchaser, to the extent designated for deposit in the Debt Service Fund in accordance with Section 1.02 and (iii) the accrued interest paid by the Purchaser upon closing ind delivery of the Bonds, if any. .i b) The proceeds of the Bonds, less the appropriations made in paragraph (a), togeth with any other funds appropriated for the Improvements and Assessments and Taxes collect during the construction of the Improvements will be deposited in a separate const 4tion fund (which may contain separate accounts for each Improvement) to be used solely to defr expenses of the Improvements and the payment of principal and interest on the Bonds prior t the completion and payment of all costs of the Improvement. Any balance remaining in the construction fund after completion of the Improvements may be used to pay the cost in whole or in part of any other improvement instituted under the Act. When the Improvements are compl ed and the cost thereof paid, the construction account is to be closed and subsequent collect ns of Assessments and Taxes for the Improvements are to be deposited in the Debt Service Fund. I 02. City Covenants. It is hereby determined that the Improvements will directly and indire y benefit abutting property, and the City hereby covenants with the holders from time to time o he Bonds as follows: i~ 9 (a) The City has caused or will cause the Assessments for the Improvements o be promptly levied so that the first installment will be collectible not later than 2009 nd will take all steps necessary to assure prompt collection, and the levy of the ssessments is hereby authorized. The City Council will cause to be taken with due iligence all further actions that are required for the construction of each Improvement Financed wholly or partly from the proceeds of the Bonds, and will take all further actions pecessary for the final and valid levy of the Assessments and the appropriation of any bother funds needed to pay the Bonds and interest thereon when due. L (b) In the event of any current or anticipated deficiency in Assessments and Waxes, the City Council will levy additional ad valorem taxes in the amount of the current ~ r anticipated deficiency. (c) The City will keep complete and accurate books and records showing: ~receipts and disbursements in connection with the Improvements, Assessments and Taxes I Ilevied therefor and other funds appropriated for their payment, collections thereof and 1disbursements therefrom, monies on hand and, the balance of unpaid Assessments. (d) The City will cause its books and records to be audited at least annually and will furnish copies of such audit reports to any interested person upon request. 114.03. Pledge of Tax Levy. It is determined that at least 20% of the cost of the Impro ements will be specially assessed against benefited properties. For the purpose of paying the pr cipal of and interest on the Bonds, there is levied a direct annual irrepealable ad valorem tax ( es) upon all of the taxable property in the City, which will be spread upon the tax rolls i~ 310082vi kJB NB136-215 j j g}4! i