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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 Manager and be sealed with the seal of the City; provided, that one of such signatures and the seal of the City may be prihted facsimiles; and provided further that the corporate seal may be omitted on the bonds as permitted by law. The interest coupons pertaining thereto shall be executed by the printed, engraved or lithographed facsimile signatures of the Mayor and 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 account to be designated "General Obligation Improvement Bonds, Series 9 Account" to be held and administered by the City Treasurer separate and apart from all other accounts of the City. Said Account shall be maintained in the manner herein specified until all of the bonds herein authorized and the interest thereon have been fully paid. In said Account there shall be maintained two separate funds, to be designated as the "Construction Fund" and the "Debt Service Fund", respectively. The proceeds of the sale of the bonds herein authorized, less any accrued interest received thereon, and less any amount paid for said bonds in excess of $1,570,455, and less capitalized interest in the amount of $102,740 (subject to such adjustments as are appropriate to provide sufficient funds to pay interest due on the bonds on or before 11-1-78 ), plus any special assessments levied with respect to improvements financed by the bonds and collected prior to completion of the improvements and payment of the costs thereof, shall be credited to the Construction Fund, from which there shall be paid all costs and expenses of making said improvements listed in paragraph 10, including the cost of any construction contracts heretofore let and all other costs incurred and to be incurred of the kind authorized in Minnesota Statutes, Section 475.65; and the moneys in said fund shall be used for no other purpose except as otherwise provided by law; 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 or covenanted to be levied; and provided further that if upon completion of said improvements there shall remain any unexpended balance in said Construction Fund, said balance (other than any special assessments) may be transferred by the Council to the fund of any other improvement instituted