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and to pay the principal of and interest on the Bonds which come due prior to completion and payment of all costs of the Improvements so financed. There shall be credited to the Construction Fund (a) the proceeds of the Bonds, except any portion thereof otherwise credited by this Resolution to the Debt Service Fund hereinafter created; (b) any other moneys appropriated by the City Council to the payment of costs of any of the Improvements; and (c) collections of special assessments levied for the Improvements, except that such special assessments shall be used and are hereby pledged solely for the payment of the principal of and interest on the Bonds; and when the total costs of any of the Improve- ments has been paid, all subsequent collections of special assessments levied for that Improvement shall be credited to and paid into the Debt Service Fund hereinafter created. Within the Construction Fund, a separate account for each of the Improvements shall be maintained to record the expendi- tures for that Improvement. When the total cost of all of the Improvements has been paid, the Construction Fund shall be closed, all special assessments then remaining in the Construction Fund shall be transferred to the Debt Service Fund, and any other funds then remaining in the Construction Fund shall be devoted to such purposes as are permitted or required by law. 8. The Bonds shall be payable from the General Obliga- tion Improvement Bonds of 1986, Series A, Debt Service Fund (the "Debt Service Fund") hereby created, and the proceeds of any general taxes hereinafter or hereafter levied for the payment of the Bonds, together with special assessments levied or to be levied for the Improvements financed by the Bonds, are hereby irrevocably pledged to the Debt Service, Fund for payment of the Bonds, in accordance with this Reso- lution. Any interest which accrues on the Bonds from the date thereof to the date of their actual delivery shall be credited directly to the Debt Service Fund. $ 27T,382.00 from the proceeds of the Bonds, representing capitalized interest thereon, shall be used to pay the interest first coming due thereon. If any payment of principal of or interest on the Bonds shall become due when the funds in the Debt Service Fund and the special assessments then held in the Construc- tion Fund are insufficient to pay the same, the City Finance Director/City Clerk shall pay such principal or interest from the general fund or other available fund of the City, and such fund or funds may be reimbursed for such advances out of proceeds of assessments levied for the Improvements or from such ad valorem taxes, when collected. 9. It is hereby determined that for the Improvements the City will levy special assessments in the principal amount of at least 20' of the cost thereof, and the levy of such special assessments is hereby authorized. To pay the - 10 - ..~ f