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recei ved from said Bood Fund and from any other source appropriated for the purpose, solely to defr~ expenses of the improvement until the same is completed and all costs thereof have been paid, whereupon such fund ~ be discontinued, and any mOlley remaining therein, and all subsequent collections of special assessments and taxes levied and reveIlUes appropriated for the improvement, shall be credited and paid in- to the Series 2 Temporar-,f Improvement Bond Fund. . 7. At or before the maturity of the Temporary Ill[lrovement Bonds, Series 2, the Council shall provide by resolution for the issuance, sale and delivery of definitive ill[lrovement bonds for the purpose of providing money to p~ the principal . of and interest 00 said Temporary Improvement Bonds, so far as the same cannot be paid out of money then on hand in the Series 2 Temporary Ill[lrovement Bond Fund. Be- fore the issuance of such defini ti ve bonds, the Council shall by resolution deter- mine the cost of the improvement which has been paid from the fund thereof, the SllIOunt of money remaining on hand in the Improvement Fund and available for transfer to the Series 2 Fund for the p~nt of said bonds, and the wnount of definitive improvement bonds necessary to be issued to retire said Temporary Bonds. In the event that such issuance occurs before the levy of all special assessments for the improvement, the Council may estimate the amount of the cost thereof to be assessed, and the amount of definitive bonds necessary to be issued. The Council shall also estimate the principal amount remaining u."'lpaid of the special assessments levied or to be levied for the improvement, and the interest payable thereon, and the annual amounts of the collections of any utility revenues which m~ be pledged and appro- priated for the p~ment of defini ti ve bonds, and shall levy upon all taxable prop- erty in the Village a direct, annual, irrepealable tax for the years and in the amounts, if any, which will be required, together with the collections of such re- maining special assessments and interest thereon, and of any revenues so appropri- ated, to produce sums not less than 5% in excess of the principal and interest p~- ments when due upon the definitive improvement bonds, and shall appropriate all such remaining special assessments and taxes to the fund to be desigpated for the p~nt of such definitive improvement bonds and interest thereon. The proceeds of the de- fini tive improvement bonds shall be simultaneously credited to the Series 2 Tempo- rary Improvement Bond Fund, to the wnount required so that the bonds herein author- ized ~ be paid from said fund and redeemed and canceled. 8. No tax is presently levied, except as recited in paragraph 6, for the p~ment of the bonds herein authorized, it being estimated that the proceeds of the definitive improvement bonds herein covenanted and agreed to be issued, together with special assessments to be levied for the improvement, will provide funds ade- quate for the p~ment of said bonds and interest in full in accordance with Minne- sota Statutes, Section 475.61. However, the full faith and credit of the Village is hereby pledged for the payment of the bonds herein authorized, and ad valorem taxes shall be levied on all taxable property within the Village, without limita- tion as to rate or amount, to the extent required for the p~nt of said Temporary Improvement Bonds and interest. 9. The right is reserved to issue add! tional series of Temporary Improve- ment Bonds p~able from the fund herein created, to pay any additional costs of the - improvement financed by the bonds herein authorized or of other municipal improve- - ments validly instituted in accordance with Minnesota Statutes, Chapter 429, pro- vided that the special assessments and taxes to be levied with respect to the im- provement shall be appropriated to the Series 2 Temporary Improvement Bond Fund and . accounted for as provided in this resolution. 10. The Village Clerk is directed to file a certified copy of this reso- lution with the County Auditor of Ramsey County, and to obtain from the County Audi- tor before the delivery of tile bonds herein authorized a certificate that said bonds have been duly entered upon the County Auditor's register. 11. The officers of the Village and the County Auditor of Ramsey County are authorized and directed to prepare and furnish to the purchasers of the bonds issued hereunder, and to the attorneys approving the legality of the issuance there- of, a certified copy of this resolution and of all other proceedings relating to -7-