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Note shall be overdue, and the City shall not be affected by notice to the contrary. 11. Delivery. The Note when so prepared and executed shall be delivered by the City Manager to the Developer upon the Developer's purchase of the Redevelopment Property. 12. Fund and Accounts. The increments from the Tax Increment District are first deposited in the City's Tax Increment Refunding Bonds, Series 1992, Debt Service Fund, and shall be transferred as and to the extent provided in this paragraph. There is hereby created a special fund to be designated the "Taxable Tax Increment Revenue Note of 1997 Debt Service Fund" (the "Fund") to be administered and maintained by the Treasurer as a bookkeeping account separate and apart from all other funds maintained in the official financial records of the City. The Fund shall be maintained in the manner herein specified until the Note has been fully paid or will not be paid after February 1, 2008. There are hereby irrevocably appropriated and pledged to, and there shall be credited to, the Fund: (a) eighty-five percent (85%) of Project Tax Increments (as defined in the Development Agreement) remaining after higher priority uses as set forth in Section 3.6 of the Redevelopment Agreement; (b) all investment earnings on funds held in the Fund; and (c) any and all other moneys which are properly available and are appropriated by the governing body of the City to the Fund. The Fund shall be used solely to pay the principal of the Note; provided, however, that tax increments in excess of amounts needed to pay the principal of the Note may be devoted to any other use permitted by law. 13. Tax Increments. The portion of the tax increments derived from the Tax Increment District which are represented by eighty-five percent (85%) of Project Tax Increments (as defined in the Development Agreement) remaining other higher priority uses as set forth in Section 3.6 of the Development Agreement is hereby pledged to the paYment of the Note. The County Auditor of Ramsey County has certified the original net tax capacity of real property within the Tax Increment District. Under the provisions of Minnesota Statutes, Section 469.177, the County Auditor will include only the original net tax capacity (subject to such subsequent adjustment as may be required by law) in the valuation upon which he or she computes the rate of all state, county, city, school district and other taxes, but will extend the rates so determined against the entire net tax capacity of such real property. The County Treasurer will remit to the City as tax increment that portion of the taxes paid each year on real property in the Tax Increment District which represents the taxes 343795.2 4