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7. 'l'he Village Cler:-: is directed to cause said bonds to be prepared and the Mayor and Manager are authorized and directed to execute the same, by the facsimile signature of the Hayor and the manual signature of the Village Manacer, with the facsimile of the corporate seal printed on the bon(b, and to cause said coupons to be executed and authenticated by the pri nt cd, engraved or Ii th ograph ed facs irni le s ignat urec; of said officers. 8. The said bonds \'Jhen so prepared and exec\) t (~d shall be de li vered by the 'l'reas urer to the purcb a3 er the l'C'Ul' upon receipt of the purchase price, and the said purchaser shall not be ob liged to see to the proper application thereof. 9. There is hereby created a special fund to be designated "General Improvement Bonds Series 7 Construction Fund" to be held and administered by the Village 'l'.rt:ds1.J.rer separate and apart from all other funds of the Village and to be maintained in the 'manner herein specified until all of the improvements financed by the bonds herein authorized have been completed and until all of the costs thereof have been fully paid. The proceeds of the sale of the bonds herein authorized, less accrued interest received thereon, and less any amount paid for said bonds in excess of $2,001,154, shall be credited to said Construction Fund, from which there shall be paid all costs and expenses of making said improvements, including the costs of construction contracts heretofore let and all other costs incurred and to be incurred and the moneys in said account shall be used for no other purpose, provided that the bond proceeds may also be used to pay interest on said bonds due prior to the anticipated date of commencement of the collection of taxes or special assessments herein levied, and provided further that if upon completion of said improvements there shall remain any unexpended balance in said Construction Fund, said balance may be transferred by the Council to the fund of any other improvement instituted pursuant to Chapter 429 M.S.A. There is hereby pledged and there shall be credited to the General Improvement Bond Sinking Fund heretofore created by the Village Council by resolution dated July 1, 1963, all collections of special assessments and taxes herein levied, all accrued interest received upon delivery of said bonds, all funds paid for the bonds in excess of $2,001,154, and all funds remaining in said Construction Fund after completion of the improvements and payment of the costs thereof, not so transferred to the fund of another improvement. The Sinking Fund shall be used solely to pay principal and interest on the bonds issued hereunder and all other improvement bonds heretofore and here- after made payable from said fund. 10. t,l,lOO,OOO by sreclal It is hereby determined that no les~ than of the cost of .improvements shall be paid assessments to bo levied against every assessable -6- -'->