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5. A separate and special fund of the Village is hereby created and designated as the Series 2 Temporary Improvement Bond Fund, to which shall be credited the accrued interest paid by the purchasers of said bonds, and all special assessments, and taxes, if any, levied and collected with respect to the improve- ments described in paragraph 3 of this resolution after the payment of all costs of said improvements and before the refunding of said bonds as herein prO'\rided. At or before the maturity of the Temporary Improvement Bonds, Series 2, the Council shall provide by resolution for the issuance, sale and delivery of definitive im- provement bonds for the purpose of pro.-1ding money to pay and redeem said Tempor- ary Improvement Bonds, so far as the same cannot be paid out of money then on hand in the Series 2 7emporary Dnprovement Bond Fund. Before the issuance of such de- f:tni ti ve bonds, the Council shall by resolution determine the cost of said improve- ments which has been paid from the respective funds thereof, the amount of moneys remaining on hand in said improvement funds and available for transfer to the SerieE' 2 Fund for the payment of said bonds, and the amount of defini ti ve improvement bonds necessary to be issued to refund said Temporary Bonds. In the event that such issuance occurs before the levy of all special assessments for said improvements, the Council may estimate the amount of the cost thereof to be assessed, and the amount of definitive bonds necessary to be issued. Th.e Council shall also esti- mate the principal amount rF!1Daining unpaid of the special assessments levied or to be levied for said improvements, and the interest payable thereon, and shall levy upon all. taxable property in the Village a direct, annual, irrepealable tax for the years and in the amounts, if any, which will be required, together 'With the collections of such remaining special assessments and interest thereon, to pro- duce sums not less than 5% in excess of the principal and interest payments when due upon the defini ti ve improvement bonds, and shall appropriate all such remaining special assessments and taxes to the fund to be designated for the payment of such def'1ni ti ve improvement bonds and interest thereon. Th.e proceeds of the defini ti ve improvement bonds shall smul taneously be credited to the Series 2 Temporary Jm- provement Bond Fund, and the bonds herein authorized shall be paid from said fund and- redeemed and canceled. 6. No tax is presently levied for the payment of the bonds herein a.uthor- ized, it being estimated that the proceedS of the definitive improvement bonds here- in conveanted and agreed to be issued, together with special assessments levied for said improvements, will provide funds adequate for the payment of said bonds and interest in full in accordance with Minnesota Statutes 1961, Section 415.61. How- ever, the :f'ull faith and credit of the Village is hereby pledged for the payment of the bonds herein authorized, and ad valorem taxes shall be levied on all taxable property wi thin the Village, without limitation as to rate or amount, to the extent required for the payment of said temporary bonds and interest. 1. The right is reserved to issue additional series of Temporary Improve- ment Bonds payable from the fund herein created, to pay any additionaJ. costs of the improvements financed by the bonds herein authorized or of other municipal im- provements validly instituted in accordance with lv'.1nnesota Statutes, Chapter 429, provided that the special assessments and taxes to be levied with respect to any such improvements shall be appropriated to the Series 2 'Iemporary Jinprovement Bond Fund and accounted for as provided in this resolution. -7-