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bonds in excess of $5,024,652, and less capitalized interest in the amount of $456,787 (together wi-th investment earnings thereon and subject to such adjustments as are appropriate to provide sufficient funds to pay interest due on the bonds on or before June 1, 1984), plus any special assessments levied with respect to-improvements financed by the bonds (other than improvements financed by the Prior Bonds), and collected prior to completion of the improvements and payment of the costs thereof, shall be credited to the Construction Account, from which there shall be paid all costs and expenses of making the improvements listed in paragraph 11, including the cost of any construction contracts heretofore let and all other costs incurred and to be incurred of the kind authorized in Minneso-ta Statutes, Section 475.65; and the moneys in said account shall be used for no other purpose except as otherwise provided by law; provided that the bond proceeds in the Construction Account may also be used to the extent necessary to pay interest on the bonds due prior to the anticipated date of commencement of the collection of taxes or special assessments herein levied or covenanted to be levied; and provided further that if upon completion of the improvements there shall remain any unexpended balance in the Construction Account, the balance (other than any special assessments) may be transferred by the Council to the fund of any other improvement insti-tuted pursuant to Minnesota Statutes, Chapter 429; and provided further that any special assessments credited to the Construction Account are hereby pledged and shall be used only to pay principal and interest due on the bonds. There is hereby pledged and there shall be credited to the Debt Service Account (a) all collections of special assessments herein covenanted to be levied and either initially credited to the Construction Account and required to pay any principal and in- terest due on the bonds or collected subsequent to the com- pletion of the improvements and payment of the costs thereof; (b) all accrued interest received upon delivery of the bonds, (c) all funds paid for the bonds in excess of $5,024,652, (d) capitalized in-terest in the amount of $456,787 (-together with inves-tmen-t earnings thereon and subject to such adjustments as are appropriate to provide sufficient funds to pay interest due on the bonds on or before June l, 1984), (e) any collections qf all taxes herein levied for the payment of the bonds; (f) all funds remaining in the Construction Account after completion of the improvements and payment of the costs thereof, not so transferred to the account of another improvement; and (g) upon discharge of the Prior Bonds any funds remaining in and all uncollected special assessments pledged to said 1981 Debt Service Account.