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the amounts and numbers of such Bonds, and the date of the holding of the same, may be proved by reference to the bond register. 16. Deliverv: Application of Proceeds. The Global Certificates when so prepared and executed shall be delivered by the Finance Director to the Purchaser upon receipt of the purchase price, and the Purchaser shall not be obliged to see to the proper application thereof. 17. Funds and Accounts. There is hereby created a special fund to be designated the "General Obligation Improvement Bonds, Series 18 Fund" (the "Fund"), to be administered and maintained by the Finance Director as a bookkeeping account separate and apart from all other accounts maintained in the official financial records of the city. The Fund shall be maintained in the manner herein specified until all of the Bonds and the interest thereon have been fully paid. There shall be maintained in the Fund two (2) separate accounts, to be designated the "Construction Account" and "Debt Service Account", respectively. (i) Construction Account. To the Construction Account there shall be credited the proceeds of the sale of the Bonds, less accrued interest received thereon, and less any amount paid for the Bonds in excess of $2,178,000 and less capitalized interest in the amount of $479,565 (together with interest earnings thereon and subject to such other adjustments as are appropriate to provide sufficient funds to pay interest due or accruing on the Bonds through September 1, 1992). From the Construction Account there shall be paid all costs and expenses of making the Improvements, including the cost of any construction contracts heretofore let and all other costs incurred and to be incurred of the kind authorized in Minnesota Statutes, Section 475.65; and the moneys in the Construction Account shall be used for no other purpose except as otherwise provided by law; provided that the proceeds of the Bonds 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 may be transferred by the Council to the fund of any other improvement instituted pursuant to Minnesota statutes, Chapter 429, or transferred to the Debt Service Account; and provided further that any special assessments credited to the Construction Account shall only be applied towards 26250 35