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<br />The Treasurer being one of the officers of the City charged with <br />the responsibility for issuing the Series A Bonds, is further <br />authorized and directed to execute and provide to the purchaser of the <br />Series A Bonds a certificate as to the amount and use reasonably <br />expected by the City as of the date or dates of issue of said Bonds, of <br />the proceeds thereof, as provided by Sections 1.103-13, 1.103-14 and <br />1.103-15 of the Income Tax Regulations under the Internal Revenue Code <br />of 1954, as amended. <br /> <br />Section 11. Establishment of Funds. There are hereby created <br />and established the following special funds which shall be held and <br />maintained by the Treasurer as separate trust accounts, distinct from <br />all other accounts of the City: <br /> <br />(a) The Seaport Boulevard Assessment District Improvement <br />Fund or similar designation as determined by the Treasurer (the <br />"Improvement Fund"); <br /> <br />(b) The Seaport Boulevard Assessment District Bond <br />Redemption Fund or similar designation as determined by the Treasurer <br />(the "Redemption Fund"); <br /> <br />(c) The Seaport Boulevard Assessment District Bond Reserve <br />Fund or similar designation as determined by the Treasurer (the <br />"Reserve Fund"); and <br /> <br />(d) The Seaport Boulevard Assessment District Bond <br />Administration Fund or similar designation as determined by the <br />Treasurer (the "Bond Administration Fund") . <br /> <br />Section 12. Improvement Fund. The monies to be placed in the <br />Improvement Fund consist of: <br /> <br />(a) Monies received by the City from any cash payments of <br />assessments prior to the issuance of any Bonds. <br /> <br />(b) Contributions or other sources pertaining to the <br />Project; and <br /> <br />(c) The proceeds received from the sale of the Bonds, <br />including any premium received on the sale of the Bonds, but not <br />including the monies required to be placed in the Reserve Fund nor any <br />accrued interest received from the sale of the Bonds which shall be <br />placed in the Redemption Fund. <br /> <br />Disbursement from the Improvement Fund shall be made to pay the <br />costs of the Project, except the funding of the Reserve Fund. <br /> <br />Any surplus remaining in the Improvement Fund after payment of <br />all of said costs shall be used, in such amounts as the Council may <br />determine, in accordance with the provisions of law for one or more of <br />the following purposes: <br /> <br />-5- <br />