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• <br /> 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 certi�ficates shall be deemed <br /> representations of the City as to all facts stated therein. <br /> SECTION 4 . APPLICATION OF PROCEEDS. <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 Bond <br /> Account of the Water and Sewer Fund. <br /> SECTION 5 . WATER FUND. <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 Account, 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 . Al1 revenues of the Water and Sewer System <br /> shall be promptly deposited when received 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 City 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 and 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 />