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. ' 3.02. The City Clerk is directed to obtain a copy of the proposed approving legal opinion of Kennedy & Graven, Chartered, Minneapolis, Minnesota, which is to be complete except as to dating thereof and to cause the opinion to be printed on or accompany each Bond. Section 4. Funds, Accounts, Pledge of Revenues. 4.01. For the convenience and proper administration of the moneys to be borrowed and repaid on the Bonds, and to make adequate and specific security to the purchasers and holders of the Bonds from time to time, there is hereby created and continued a separate special fund of the City to be known as the Golf Course Fund, which fund will be continued and maintained as a permanent fund of the City until all the Bonds are paid. All income and receipts of whatever nature (Gross Revenues) from the operation of the municipal golf course known as Brightwood Golf Course (Facility) will be credited to the Golf Course Fund. The City will establish and maintain financial records of the receipts and disbursements of the Facility in accordance with this resolution. In those records there will be continued and maintained separate accounts of the Golf Course Fund as follows: (a) A Capital Expenditure Account, into which Account will be paid the proceeds of the sale of the Bonds less the sum of $58,940 to be deposited in the Reserve Account; and (ii) accrued interest on the Bonds paid by the Purchaser. From the Capital Expenditure Account will be paid all costs of the Project, including but not limited to, construction costs, legal, engineering and fmancing expense. Money in the Capital Expenditure Account will be disbursed only upon orders duly issued after certification that the purpose for which the payment is to be made is within the scope of the work contemplated by this Resolution, that the work done or the materials furnished are in accordance with the contract therefor, (or that such work is, or that such materials are suitable for the purposes of the Project, if such payments are not covered by an express contract) and that the amount of such payment is in accordance with such contract, or if there is no contract, that the amount thereof is reasonable. Nothing in this clause is to be construed to prohibit payment without such a certification of expenses necessarily incident to the issuance and sale of the Bonds. The Project must be constructed and placed in operation in accordance with the approved plans and specifications, and no deviation therefrom of a substantial nature may be made. When the City Finance Director/Clerk, upon recommendation of the Project architect, certifies that the construction of the entire Project has been completed and paid for, any balance remaining in the Capital Expenditure Account must be transferred to the Revenue Bond Account hereinafter created and the Capital Expenditure Account will be closed. (b) An Operation and Maintenance Account, from which Account may be paid all, but only, expenses of operation and maintenance of the Facility. Those expenses include the reasonable and necessary costs of operation, maintenance, insurance, salaries, wages, cost of materials and supplies, and all other items which by accepted accounting practices constitute normal, reasonable costs of operation and maintenance, but excluding any allowance for depreciation. The City covenants and agrees that it will provide in the DJK-165146 NE136-152