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below and the signed approving legal opinion of Faegre & <br />Benson. <br />3,04. The City Clerk is authorized and directed to <br />prepare and furnish to the purchaser and bond counsel approving <br />the issue certified copies of this Resolution and all <br />ordinances, resolutions and proceedings relating to the Water <br />and Sewer System and the Bonds and such other proceedings or <br />records as may be required to show the right, power and <br />authority of the City to issue the Bonds and to impose charges <br />and provide covenants for its payment and security, and such <br />certified copies and certificates shall be deemed <br />representations of the City as to all facts stated therein. <br />4,01. The proceeds of the Bonds after payment of <br />issuance costs of the Bonds shall be used for improvements to <br />the Water and Sewer system and any remaining moneys and funds <br />shall be deposited in and credited to the Water and Sewer Bon_: <br />Account of the Water and Sewer Fund. <br />RI *Eevis • . IS <br />5,01. There is hereby established a Water and Sewer <br />Fund (herein the "Water and Sewer Fund"), within which fund the <br />following accounts: <br />a. Operation and Maintenance Acco+!nt, to which has <br />been and shall be credited the gross revenues of <br />the Water and Sewer System; and <br />b. Water and Sewer Bond Account (the "Water and <br />Sewer Bond Account"), to which shall be credited <br />the net revenues of the Water and Sewer System <br />after payment of operation and maintenance <br />expenses. <br />5.02. All revenues of the Water and _...er System <br />shall be promptly deposited when rezeived and credited to the <br />Operation and Maintenance Account, and the operation and <br />maintenance expenses shall be payable as a first charge from <br />such revenues of the Water and Sewer System and be payable from <br />the Operation and Maintenance Account of the Water and Sewer <br />Fund. The laity may retain from the net revenues of the Water <br />and Sewer System a reasonable amount as a maintenance and <br />operation reserve for the purpose of paying anticipated <br />maintenance ar►d operation expenses. <br />5.03. From the net revenues of the Water and Sewer <br />System, there shall be credited to the Water and Sewer Bond <br />Account on the first day of each month an amount not less than <br />--12- <br />