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<br />special assessments herein levied or covenanted to be levied; <br />and provided further that if upon completion of the <br />improvements there shall remain any unexpended balance in the <br />Construction Account, the balance (other than any special <br />assessments) may be transferred by the Council to the fund of <br />any other improvement instituted pursuant to Minnesota <br />Statutes, Chapter 429; and provided further that any special <br />assessments credited to the Construction Account are hereby <br />pledged and shall be used only to pay principal and interest <br />due on the bonds. There is hereby pledged and there shall. be <br />credited to the Debt Service Account (a) all collections of <br />special assessments herein covenanted to be levied and either <br />initially credited to the Construction Account and required to <br />pay any principal and interest due on the bonds or collected <br />subsequent to the completion of the improvements and payment of <br />the costs thereof; (b) all accrued interest and any premium <br />received upon delivery of the bonds, (c) all funds paid for the <br />bonds in excess of $2,371,752, (d) capitalized interest in the <br />amount of $175,685 (subject to such adjustments as are <br />appropriate to provide sufficient funds to pay interest due on <br />the bonds on or before September 1, 1981), (e) any collections <br />of all taxes herein levied for payment of the bonds; and (f) <br />all funds remaining in the Construction Account after <br />completion of the improvements and payment of the costs <br />thereof, not so transferred to the account of another <br />improvement. The Debt Service Account herein created shall be <br />used solely to pay the principal and interest and any premiums <br />for redemption of the bonds issued hereunder and any other <br />general obligation bonds of the City hereafter issued by the <br />City and made payable from said account as provided by law. <br />Any sums from time to time held in the Debt Service Account (or <br />any other City account which will be used to pay principal or <br />interest to become due on the bonds) in excess of amounts which <br />under the applicable federal arbitrage regulations may be <br />invested without regard as to yield shall not be invested at a <br />yield in excess of the applicable yield restrictions imposed by <br />said arbitrage regulations on such investments. <br /> <br />10. It is hereby determined that no less than 20% of <br />the cost to the City of each improvement financed hereunder <br />within the meaning of Minnesota Statutes, Section 475.58, <br />Subdivision 1(3) shall be paid by special assessments to be <br />levied against every assessable lot, piece and parcel of land <br />benefited by the improvements. The City hereby covenants and <br />agrees that it will let all construction contracts not here- <br />tofore let within one year after ordering each improvement <br />financed hereunder unless the resolution ordering the <br />