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7 . Preparation and Delivery of Bonds. The Treasurer is <br /> hereby directed to cause the Bonds to be prepared in accordance with <br /> this resolution and to deliver same upontheir completion and <br /> executionto thepurchaser thereof, upon receipt of the purchase <br /> price therefor, and upon the performance of the conditions contained <br /> in the accepted bid for the Bonds, as determined by this Council. <br /> 8. Proceeds of Sale of Bonds. The proceeds received from <br /> the sale of the Bonds, 'including, any premium (but. not including any <br /> accrued interest) , shall be placed in the fund for the acquisition <br /> and/or construction of the improvements described in the heretofore <br /> referred to proceedings, and shall be applied exclusively to the <br /> payment of the cost of said acquisitions and/or improvements, and <br /> all expenses incidental thereto. Any surplus remaining after <br /> payment of all costs shall be used as forth in said proceedings. <br /> 9.. Redemption Fund. The Treasurer shall keep a redemption <br /> fund designated by the nameof the Bonds, into which shall be placed <br /> any accrued interest and all sums receivedfrom the collection of , <br /> unpaid assessments provided for in Section 10 hereof, and of the <br /> interest and penalties thereon (but excluding collection charges) , <br /> and from which fund disbursement shall be made to pay the principal <br /> of the Bonds and the interest due thereon. <br /> 10.. Collection. of Unpaid Assessments.. Theunpaid assessments " <br /> shown on said list, together with the interest thereon, shall be <br /> payable, in annual series corresponding in number to. the number of <br /> -5- <br />