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Upon the execution and delivery ofdefmitive Bonds the temporary Bonds will be exchanged therefor and -cancelled. Section 3. Form o fBond. 3.01. Execution of the Bonds. The Bonds will be -printed of typewritten in substantially the form attached hereto as EXHIBIT B. 3.02. Approving Legal Opinion. The City Administrator -Clerk is. allthorized and directed to: obtain a copy of the proposed approving legal opinion of Kennedy &. Oraven; Chartered, Minneapolis, Minnesota, which is to be complete except as to dating thereof and cause the opinion..to be printed on or accompany each Bond. Section 4. Bonds: Securi . Covenants' Escrow.. 4.01. Debt Service Fund. For the convenience and proper administration ofthe .be borrowed and repaid on the Bonds, and to provide adequate and.specific security for the Purchaser and holders from time to time of the Bonds, thereis hereby-creaOd'a special fund.to be designated. the General Obligation Refunding Bonds, Series 2015A Debt Service Fund "(the "Dent Service Fund") to be admiilistered:and:maintained by the City. Treasurer as a bookkeeping account. separate and. Apart from all other funda maintained in the official financial records .of the City. Tlie Debt Service Fund will be maintained in -the manner herein.. specified until. all of the Refunded Bonds have been.paid $nd until all Qf the Bonds and the interest thereon have been fully paid. To the Debt Service Fund, there is hereby pledged and.. irrevocably appropriated and there will be credited: (i). any balance remitted to the City upon the termination. of the Escrow.Agreement (as herein defined); (ii) taxes hereafter levied for the payment of the Bonds and .interest thereon; (iii) after February 1,2016 (the "Redemption Date"'), *ad valorem-laxes collected for the payment of the Refunded Bonds after the Redemption Date pursuant tv. levies made in. the resolution autlioriziag the sale- and issuance ofthe Refunded Bonds. (the "Prior Resolution!%. which levies will zlot be. Cancelled except as permitted by Section 475.61,. subdivision 3. of the Act;. (iy} all investment earnings on funds .in the Debt Service Fund; and (v) any and all other moneys which are.properly available-aand appropriated by the: City Council to the Debt Service Fund. The. amount of any surplus remaining in the Debt Service Fund when the Bonds and interest thereon are paid will be used as provided in. Section 4.75.61, subdivision 4 of the Act. The debt service fund Heretofore established. for the. Refunded Bonds pursuant, to - the Prior Resolution'shall 1561erminated after -the Redemption -Date; and all monies therein -are hereby transferred to the Debt. Service Fund herein created. 4,02. Escrow Fund. Proceeds of the Bonds in the.Mount of $740,503-11 will.be deposited in a separate fungi (the "Refunded Bonds Escrow Fund") .maintained by U.S. Bank, National Association, St. Paul, Minnesota, acting as escrow agent (the "Refunded Bonds Escrow Agent"). Such funds -will be received by the Refunded Bonds Escrow Agent and applied to fund the Refunded Bonds Escrow Fund, and are hereby irrevocably pledged. andappropriated to the Refunded Bonds Escrow. Fund. The Refunded. .Bonds. Escrow Fund will be held in anon -interest -bearing cash account, the amount deposited thereiir being sufficient: to (i) pay when due the interest to: accrue on the Bonds to and. including the Redemption Date; and (ii) pay on the Redemption Date the principal amount of the.Refunded Bonds then outstanding. The Refunded Bonds Escrow Fund villbeirrevocably appropriated -to the payment of the principal of the Refunded Bonds until the proceeds of the Bonds therein are applied to prepayment of the Refunded Bonds. The moneys in the Refunded Bonds Escrow Fund will be used solely for the putposes herein set forth and for no other purpose, except. that any surplus in the Refunded Bonds Escrow Fund ilisy be 46125ft W- PE190-12 7