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- 4 - 2. There is hereby created, and the Village Treasurer shall hereaf~er maintain on the books and records of the Village, a separate and special fund des1gnated as the "Sanitary Sewer Improvement No.3 FundI!, to which fund there shall be credited the entire proceeds of the sale of the improvement bonds herei~ authori~ed, and from which there shall be paid all expenses incurred and to be lncurred J_n the making of Sanitary Sewer Improvement No.3, from the inception to the c~mpletion the~eof! as such expenses are incurred and allowed. Sdd fund shall continue to be ma1.nta1ned and shall be credited with the proceeds of all bonds subsequently issued for the financing of said improvement until the cost thereof is paid in full, including all interest to accrue and allprincipal, if any, which shall become due on such bonds prior to the completion and acceptance of said improvement. Said fund shall also be credited with all collections of the taxes and special assessments to be levied as herein provided, prior to the completion of said improvement and the payment of the cost thereof. Thereafter, said improvement fund shall be discontinued, and any sum remaining therein and all subsequent collections of said taxes and assessments shall be paid as received into the sinking fund described below. 3. The Village has by resolution adopted June 26, 1956, created and agreed to maintain as a separate fund upon its books and records a Sanitary Sewer Improvement Bond sinking fund, to be used solely for the payment of the principal and interest on bonds issued to finance sanitary sewer improvements under the provisions of said Chapter 429. The bonds herein authorized are hereby ordered and directed to be paid out of said fund on a parity as to both principal and interest with those heretofore issued and made payable from said fund, and each and all of the provisions of said resolution of June 26, 1956, with reference to the administration of said fund and the levy of taxes an:! special assessments for its support are hereby confinned and declared to be covenants and agreements of the Village of Rosevi11e for the security of the bonds herein authorized. 4. It is contemplated that the special assessments to be levied upon the areas assessable with respect to Sanitary Sewer Improvement No.3 will be in a. prjncipa1 amount not less than 81,000,000 and said assessments shall be levied upon such properties in amounts proportionate to and not exceeding the special benefits to be derived by the respective properties from said improvement. The Village hereby covenants and agrees that upon or prior to the completion of said improvement, it will do and perform all acts and things necessary for the final and valid levy of said special assessments; that if any assessment shall be at any time held invalid, due to any error, defect or irregularity in any action or proceeding ~aken or ~o be taken by the Village or by this Councilor by any of the Village's officers or employees, either in the making of such assessments or in the performance of any condition precedent thereto, the Village and thj_s Council will forthwith do all such further acts and take all such further proceedings as may be required by law to make said assessments a valid and binding lien upon said property; that said assessments aha11 be payable in twenty (20) equal, consecutive, annual installments, the first of said installments to be placed on the tax rolls of the year 1961, if possible, or otherwise for the year 1962, collectible in the succeeding year and that deferred installments of said assessments shall bear interest at the rate of five per cent per annum. To the first installment shall be added interest on the entire assessment from the d ate of the resolution levying the same to December 31 of the year in which the first installment is payable. To each subsequent installment when d~e shall be added interest for one year on all unpaid installments. It is estimated that said installments of principal and interest will be received in the years and in amounts sufficient to produce sums ~ubstantia11y more than five per cent (5%) in excess of the annual principal and ~nteres~ payments due on the bonds heretofore sold and presently to be issued. Prior to the 1ssuance of the remaining bonds necessary to pay the cost of Sanitary Sewer Improvement No.3, the Village hereby covenants and agrees that it will levy a direct,