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<br />7. The bonds shall be executed on behalf of the City <br />by the signatures of its Mayor and City Manager and be sealed <br />with the seal of the City; provided, that one (or both) of the <br />signatures and the seal of the City may be printed facsimiles <br />(if the bonds are also signed manually by at least one such <br />officer); and provided further that the corporate seal may be <br />omitted on the bonds as permitted by law. The interest coupons <br />pertaining thereto shall be executed by the printed, engraved <br />or lithographed facsimile signatures of the Mayor and City <br />~anager. <br /> <br />8. The bonds when so prepared and executed shall be <br />delivered by the Treasurer to the purchaser thereof upon <br />receipt of the purchase price, and the purchaser shall not be <br />obliged to see to the proper application thereof. <br /> <br />9. There is hereby created a special fund to be <br />designated "General Obligation Improvement Bonds, Series 10 <br />Fund" to be held and administered by the City Treasurer <br />separate and apart from all other accounts of the City. The <br />Fund shall be maintained in the manner herein specified until <br />all of the bonds herein authorized and the interest thereon <br />have been fully paid. There shall be maintained in the Fund <br />two separate accounts, to be designated the "Construction <br />Account" and the "Debt Service Account", respectively. The <br />proceeds of the sale of the bonds herein authorized, less any <br />premium and accrued interest received thereon, and less any <br />amount paid for the bonds in excess of $2,371,752, and less <br />capitalized interest in the amount of $175,685 (subject to such <br />adjustments as are appropriate to provide sufficient funds to <br />pay interest due on the bonds on or before September 1, 1981), <br />plus any special assessments levied with respect to <br />improvements financed by the bonds and collected prior to <br />completion of the improvements and payment of the costs <br />thereof, shall be credited to the Construction Account, from <br />which there shall be paid all costs and expenses of making the <br />improvements listed in paragraph 10, including the cost of any <br />construction contracts heretofore let and all other costs <br />incurred and to be incurred of the kind authorized in Minnesota <br />Statutes, Section 475.65; and the moneys in said account shall <br />be used for no other purpose except as otherwise provided by <br />law; provided that the bond proceeds may also be used to the <br />extent necessary to pay interest on the bonds due prior to the <br />anticipated date of commencement of the collection of taxes or <br />