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7. The bonds shall be executed on behalf of the City by the signature of its Mayor and the signature of its City Manager and be sealed with the seal of the City; provided, that one of such signatures and the seal of the City may be printed facsimiles. The interest coupons pertaining thereto shall be executed by the printed, engraved or lithographed facsimile signatures of the Mayor and City Manager. 8. The said bonds when so prepared and executed shall be delivered by the Treasurer to the purchaser thereof upon receipt of the purchase price, and the said purchaser shall not be obliged to see to the proper application thereof. 9. There is hereby created a special fund to be designated "General Improvement Bonds, Series 8 Construction Fund" to be held and administered by the City Treasurer separate and apart from all other funds of the City 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 the costs thereof have been fully paid. The proceeds of the sale of the bonds herein authorized, less any premium and accrued interest received thereon, and less any amount paid for said bonds in excess of $1~ll2~000, and less capitalized interest in the amount of $ ~5,6,3 , 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 the extent necessary 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 City Council by resolu- tion dated July 1, 1963, all collections of special assessments herein covenanted to be levied, all accrued interest received upon delivery of said bonds, all funds paid for the bonds in eX~5s~9Sf $1,112,000, capitalized interest in the amount of $ ~ , . , collections of all taxes herein levied for the payment of said bonds, and all funds remaining in said Constructio! Fund after ~ompletion 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 of the City heretofore and hereafter made payable from said fund. -6-