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3. To the Improvement Fund created for each improvement financed by General Improvement Bonds sluill be credited, in addition to moneys appropriated from the proceeds of the bonds, all collections of s~ecia.l assessments and taxes levied for the improvement, and any other moneys a~propriated thereto by the Council, and the fund shall be used solely to defray expenses of the improvement, including pay- ment of principal and interest due on the bonds, until completion and pa.;yment of all costs of the improvement. There upon the Improvement Fund shall be discontinued, and SXlY balance of the proceeds of bonds remaining therein may be transferred, if so determined by the Council, to the fund of any other improvement instituted pur- suant to Chapter 429; but all moneys not 60 transferred and all subsequent collec- tions of special assessments and taxes levied for the improvement shall be credited and paid into the General Improvement Bond Sinking Fund. 4. The full faith and credit of the Village Shall be pledged for the prompt and full payment of the principal of and interest on all bonds made payable from the General Improvement Bond Sinking FuIld, and if a.t any time the balance there- in should be insufficient to pay all such principal and interest due, the Council shall provide sufficient moneys therefor out of any fund of the Village, and shall each year levy a sufficient amount to take care of any accumulated or anticipated deficiency, without limitation as to rate or amount. The Village :further covenants and agrees with all holders of such bonds that upon or prior to the completion of each ~ovement financed thereby, it will do and perfor.m all acts and things neces- sary for the f1ne.l and valid levy of special assessments upon properties benefited thereby, in amounts proportionate to and not exceeding the special benefits derived by the respective properties from the improvement, and in an aggregate amount not less than 2.C/fo of the cost of the improvement, and not less than tha.t amount which, with interest thereon and taxes theretofore levied for the General Improvement Bond Sinking Fund, is required by the provisions of Minnesota Statutes, Section 475.61; that if any assessments shall at any time be held invalid, due to any error, defect, irregularity or omission respecting any action or proceeding taken or required to be taken by the Village or the Councilor e.ny officer or employee, either in the making of the assessment or in the performance of any condition precedent thereto, the Vil- lage and the Council will forthwith do all such further acts and take all such fUr- ther proceedings as may be required by law to make the assessment a valid and binding lien upon the property against which it is levied. Such assessments sh~ be payable in such number of equal, consecutive annual installments, with interest at such ra.te on the balance from time to time unpaid, as shall be determined by the Council by resolution. To the first installment shall be added interest on the entire assess- ment from the date of the resolution leVYing the same to December 31 of the yea;r in which the first installment is payable, and to each subsequent installment sh~ be added interest for one year on that and all other unpaid installments. 5. The Clerk is directed to file a certified copy of this resolution vnth the County Auditor of Ramsey County, and to request the County Auditor to place the same on file with subsequent resolutions authorizing the issuance of bonds p~. able frcm the General Improvement Bond Sinking Fund. -19-