10A Action 2008 0602 Attach - Indenture of Trust

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ARTICLE III DEPOSIT AND APPLICATION Section 3.01. Issuance of Bonds. Upon the execution and delivery of this Indenture, the Agency shall execute and deliver to the Trustee the Series 2008 Bonds in the aggregate principal amount of ($ )and the Trustee shall authenticate and deliver the Series 2008 Bonds upon the Written Request of the Agency. Section 3.02. Application of Proceeds of Sale and Certain Other Amounts. On the Closing Date with respect to the Series 2008 Bonds, the net proceeds of sale of the Series 2008 Bonds, being $ (representing the par amount of the Series 2008 Bonds, plus an original issue premium of ,less the good faith deposit of $ ,less an underwriter's discount of $ and less the Series 2008 Bond Insurance Policy premium in the amount of $ ,which is being paid on such Closing Date by the original purchaser to the Series 2008 Insurer on behalf of the Agency) shall be paid to the Trustee and applied as follows: (a) The Trustee shall deposit in the Reserve Account the amount of $ ,which amount equals the Reserve Requirement as of the Closing Date. (b) The Trustee shall deposit the amount of $ Issuance Fund. in the Costs of (c) The Trustee shall deposit $ ,being the remaining amount of proceeds of the Series 2008 Bonds, in the Bond Proceeds Fund (established by Section 3.04 hereof) and shall immediately transfer such amount to the Agency for deposit in the Redevelopment Fund. The Trustee may, in its discretion, establish a temporary fund or account to facilitate the foregoing deposits and transfers. Section 3.03. Costs of Issuance Fund. There is hereby established a separate fund to be known as the "Costs of Issuance Fund", which shall be held by the Trustee in trust. The moneys in the Costs of Issuance Fund shall be used and withdrawn by the Trustee from time to time to pay the Costs of Issuance with respect to the Series 2008 Bonds upon submission of a Written Request of the Agency stating the person to whom payment is to be made, the amount to be paid, the purpose for which the obligation was incurred and that such payment is a proper charge against said fund. On the date which is six (6) months following the Closing Date with respect to the Series 2008 Bonds, or upon the earlier Written Request of the Agency, all amounts (if any) remaining in the Costs of Issuance Fund shall be withdrawn therefrom by the Trustee and transferred to the Agency for deposit in the Redevelopment Fund. Section 3.04. Bond Proceeds Fund; Redevelopment Fund. There is hereby established a separate fund to be known as the "Bond Proceeds Fund" which shall be held by the Trustee. Amounts on deposit in the Bond Proceeds Fund shall, on the Closing Date, be transferred by the Trustee to the Agency for deposit in the Redevelopment Fund (established below). 22