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. 7. The Refunding Bonds shall be executed on behalf of the City by the signature of its Mayor and the signature of its Clerk and be sealed with the seal of the City; provided, that the seal may be omitted and that one of such signatures and the seal of the City, if not omitted, may be printed fac- similes. The interest coupons pertaining thereto shall be executed by the printed, engraved or lithographed facsimile signatures of the Mayor and Clerk. 8. The Refunding Bonds when so prepared and executed shall be delivered by the Treasurer to the purchaser thereof upon receipt of the purchase price, and the said purchaser shall not be obliged to see to the proper application thereof. \9. There is hereby created a special fund to be designated "General Obligation Bonds Account" to be held and administered by the City Treasurer separate and apart from all other accounts of the City. Said Account shall be maintained in the manner herein specified until all of the Refunding Bonds and the balance of said Improvement Bonds, Series 1, dated November 1, 1970, not hereby refunded, and the interest thereon have been fully paid. In said account there shall be main- tained two separate funds, to be designated as the "Payment Fund" and the "Debt Service Fund", respectively. . (a) The proceeds of the sale of the Re- funding Bonds, less any accrued interest and premium received thereon plus such other avail- able municipal funds as may be required to adequately fund the Payment Fund for the purpose for which the Payment Fund has been established, are hereby pledged and irrevocably appropriated and shall be credited to the Payment Fund upon issuance of the Refunding Bonds. Monies in the Payment Fund shall be used for the purpose of paying when due the interest to accrue on each Refunded Bond to May 1, 1977, the date on which it is called for redemption as herein provided, and to pay the principal amount of each such obligation on said date on which it has been called for redemption and to pay any premium required for redemption on such date; and the monies in said Payment Fund shall be used solely for the purposes herein set forth and for no other purpose, except that if any balance shall remain in said Payment Fund after all of the principal, interest and premium has been paid on the Refunded Bonds pursuant to this resolu- tion, including any earnings from the invest- ment thereof, then such balance shall be trans- ferred to the Debt Service Fund established hereunder. [ -, -7- . - - _...."_...~,. - y"~-".- -'.~"''' -...