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3. The bonds shall be prepared for execution under the direction of the Village Clerk and executed on behalf of the Village by the signature of the Mayor and countersigned by the Village Clerk, and a facsimile of the corporate seal of the Village shall be printed on each bond, and the appurtenant interest coupons shall be executed and authenticated by the printed, engraved or lithographed fac- simile signatures of the Mayor and Clerk. When the bonds have been so executed and authenticated they shall be delivered by the Village Treasurer to the purchasers; upon payment of the purchase price specified in the contract of sale, and the pur- chasers shall not be obligated to see to the application of the proceeds of the bonds; but the bond proceeds, except accrued interest, shall be applied solely to the payment of costs incurred and to be incurred in the completion of Water Improve- ments No. 62-2 and No. 64-4, and of Water Improvements No. 62-1 and No. 63-3 to the extent, if any, that all such costs are not paid in full from the proceeds of the previously issued Water Improvement Bonds, Series 1 to 4, inclusive, and shall be credited to the funds heretofore created for the respective improvements in the amounts required to pay such costs. 4. Upon completion of each of said improvements, or prior thereto, the Council shall do and perform all acts and things necessary for the final and valid levy of special assessments upon properties within the respective areas designated to be assessed therefor, in an aggregate amount equal to the total cost of each im- provement as finally ascertained, less such portion, if any; as the Council shall direct to be paid by the levy of ad valorem taxes, including, but without limita- tion, interest accrued on the temporary improvement bond proceedS used to finance the improvements, from the date of such bonds to the date of levy of special assess- ments. In the event that any such assessment shall be at any time held invalid with respect to any lot or tract of land, due to any error, defect or irregularity in any action or proceeding taken or to be taken by the Village or the Councilor any of the Village's officers or employees, in the making of the assessment or the performance of any condition precedent thereto, the Village shall do all such fur- ther acts and things and shall take all such further proceedings as shall be re- quired by law to make such assessments a valid and binding lien upon said property. 5. A separate and special fund of the Village is hereby created and designated as the Series 1 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 Water Improve- ments No. 62-2 and No. 64-4 after the payment of all costs of said improvements and before the refunding of said bonds as herein provided. At or before the maturity of the Temporary Improvement Bonds, Series 1, the Council shall provide by resolu- tion for the issuance, sale and delivery of definitive improvement bonds for the purpose of providing money to pay and redeem said Temporary Improvement Bonds, so far as the same cannot be paid out of money then on hand in the Series 1 Temporary Improvement Bond Fund. Before the issuance of such definitive bonds, the Council shall by resolution determine the cost of said improvements 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 Series 1 Fund for the payment of said bonds, and the amount of definitive improvement bonds necessary to be is- sued 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. The Council shall also estimate the principal amount re- maining unpaid of the special assessments levied or to be levied for said improve- ments, and the interest payable thereon, and shall levy upon all taxable property -6-