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-25- <br />ARTICLE III <br />DEPOSIT AND APPLICATION OF PROCEEDS OF 2014 BONDS <br />Section 3.01. Issuance of 2014 Bonds. Upon the execution and delivery of this <br />Indenture, the Successor Agencyshall execute and deliver 2014 Bondsto the Trusteein the <br />aggregate principal amount of _____________Dollars ($________) and the Trustee shall <br />authenticate and deliver the 2014 Bonds upon the Written Request of the Successor Agency. <br />Section 3.02. Application of Proceeds of Sale and Certain Other Amounts. On the <br />Closing Date the proceeds of sale of the 2014 Bonds shall be paid to the Trustee in the amount <br />of $________(being the aggregate principal amount of the 2014 Bonds, plus an original issue <br />premium in the amount of $_________, and less an underwriter’s discount in the amount of <br />$________and shall be applied as follows: <br />(a)The Trustee shall deposit the amount of $_________inthe Costs of <br />Issuance Account. <br />(b)The Trustee shall deposit the amount of $_________in the Reserve <br />Account, being the amount of the Reserve Requirementas of the Closing Date. <br />(c)The Trustee shall deposit the amount of $____________, in the 2002 <br />Bonds Refunding Fund(established by Section 3.04 hereof). <br />(d)The Trustee shall deposit the amount of $____________, being the <br />remainder of the proceeds of the Bonds, in the 2004 Bonds Refunding Fund (established <br />by Section 3.04 hereof). <br />Section 3.03. Bond Proceeds Fund; Costs of Issuance Account.There is hereby <br />established a separate fund to be known as the "Bond Proceeds Fund", which shall be held by <br />the Trustee in trust, and within such Fund there shall be established a separate Costs of <br />Issuance Account. The moneys in the Costs of Issuance Account shall be used and withdrawn <br />by the Trustee from time to time to pay the Costs of Issuance upon submission of a Written <br />Request of the Successor Agencystating the person to whom payment is to be made, the <br />amount to be paid, the purpose for which the obligation was incurred and that such payment is a <br />proper charge against said fund. On the date which is six (6) months following the Closing <br />Date, or upon the earlier Written Request of the Successor Agency, all amounts (if any) <br />remaining in the Costs of Issuance Account shall be withdrawn therefrom by the Trustee and <br />transferred to the Interest Account of the Debt Service Fundand the Trustee shall close the <br />Costs of Issuance Account. <br />Section 3.04. RefundingFunds.(a)There is hereby created the 2002 Bonds Refunding <br />Fund (the "2002 Bonds Refunding Fund") held by the Trustee in trust for the benefit of the <br />Successor Agency. The moneys in the 2002 Bonds Refunding Fund shall be maintained <br />separate and apart from other moneys of the Successor Agency. <br />The Trustee shall transfer all moneys on deposit in the 2002 Bonds Refunding Fund to <br />U.S. Bank National Association, as trustee of the 2002 Bonds, for deposit and application under <br />and pursuant to the 2002 Bonds Refunding Instructions. Upon making such transfer, the 2002 <br />Bonds Refunding Fund shall be closed.