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(b) The proceeds o.fthe Borrds, less:the appropriationsmade in paragraph (a), togetherwith Any other fundsappropriated for the Improvements and Assessrnents.collet:ted dunng*the-construction of the Improvements will. be deposited. in a separate construWdn-ftind (which may contain separate accounts foreach Improvement) (tale "Project, Fund")to:be used solely to defray expenses of the Improvements and the payment of principal and interest on the Bonds prier'to the, completion and payment ofalI costs ofthe Improvement. Any balance remaining.in the Project Fund after completion of the Improvements may be used to pay the cost in whole or in part of any other irnprovementinstittited under.the Act or, with an opinion of bond cotinsel,.to prepay the.Bonds. When°the improvements are. completed and the cost thereof paid, the Project Fund is to be. closed and subsequent -collections: of Assessments for the Improvements are: to be deposited in the Series -004 Debt -Service Fund, .4.02, It is determined that the Improvements -to be:financed`bythe Bonds will directly And indirectlybenefitthe abutting property, and.the City hereby covenants with ttie holders from time to.time ofthe::Bonds iis*fallows: ja) The City 4as ca.used.or will cause the Assessments for the Improvements to be promptly-leiiied so* that the first installment will be collectible, not later than.'2006.and will take all steps necessary to assure. prompt collection, and the jevv of the Assessments is hereby authori*d. The City Council will cause all: further actions and proceedings relative to the making and financing ofthe-lmprovemetts financW.hereby to betaken with due diligence that are -required for the constriction of.tlre Improveitients financed wholly or partly from theproceeds of the Bonds, and for the .f nal and valid levy of:the.Assessrnents and the appropriation ofairy other funds needed to pay the Bonds and interest thereon when due. (b) In the -event of a current or anticipated deficiency in the. Assessments, the City Council will levy ad valorem taxes in the amoiittt ofthe.deficiency. (c) The City will.keep complete and accurate books and records showing: receipts and. disbursements in .connection witli the Improvements; Assessments levied therefor and other funds, appropriated for their payment, collections thereof and disbursements therefrom, money on hand and, the balance of unpaid Assessmments. (d) The City will cause its books and records.to be audited:atleast annually:and will furnish copies:of such audit reports. to any inter"* person upon request. 4.03. It. is. derermined that the estimated co. Ilecdons.ofAssessments and interest.thereon for paymentofprincipal ofand interest on the Bonds will produce at least live percent Wo) in excess of the amount needed-to.ineetwhen due, the principal and interesrpayments on the Bonds and that no tax levy is needed at this -time: 4.04. TheCity Clerk is atrthoi ized and directed to file a gertifred copy ofthis resolution with the*C6utity Auditor and to pbtai.n the certificate required by Minnesota Statutes, Section 475.63, as amended. Section.$, .Authentication ofTranscriol: 5.0.1. The. officers of the:.City'Eire authorized'and-directed to*prepare and furnish to the. Purchaser and :to Kennedy & Graven. Chartered, certified copies of proceedings and records of the City relating to the Bonds andto the financial condition. and atTairs ofthe City, and such other certificates, affidavits and transcripts as.maybe required to show the facts within -their kiionriedge or aa.shown by the books and records in their custody and under their:eontrol, relating to the validity and niarketibilityof the.Bonds, and such instruments,.incltiding:any heretofore furnished, will be deemed:represent ilioiis..oftlie City as :to the facts stated therein. SV2: The Mayor and City Clerk are authorized and. directed to certify that they have examined: the. Official Statement prepared rand circulated in connection with the issuance and sale of the Bonds and: that to the best oftheir knowledge and Udlieftht Official Statement is a complete and accurate representation.of the f6cts and representation s made therein as ofthe .date of the Official Statement. 1.01. Tlte.City Clerk shall pay the costs of issuance for -the Bonds from amounts on deposit in the Project Fund.