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<br />-18- <br />ARTICLE III <br /> <br />ISSUANCE OF 2026 BONDS; APPLICATION OF PROCEEDS <br /> <br />SECTION 3.01. Issuance of the 2026 Bonds. At any time after the execution of this <br />Indenture, the Authority may execute and the Trustee shall authenticate and, upon the Written <br />Request of the Authority, deliver the 2026 Bonds to the Original Purchaser. <br /> <br />SECTION 3.02. Application of Proceeds of Sale of the 2026 Bonds. Upon the receipt <br />of payment for the 2026 Bonds on the Closing Date, the Trustee shall receive the net proceeds <br />of sale thereof, being $___________ (constituting the par amount of the 2026 Bonds, plus <br />original issue premium in the amount of $___________, and less an Original Purchaser’s <br />discount of $___________), which the Trustee shall apply as follows: <br /> <br />(a) The Trustee shall deposit the amount of $___________ in the <br />Costs of Issuance Fund. <br /> <br />(b) The Trustee shall deposit the amount of $___________, <br />constituting the remainder of such proceeds, in the Project Fund. <br /> <br />The Trustee may establish and maintain a temporary account or fund to facilitate and <br />record such deposits. <br /> <br />SECTION 3.03. Establishment and Application of Costs of Issuance Fund. The <br />Trustee shall establish, maintain and hold in trust a separate fund designated as the “Costs of <br />Issuance Fund” into which the Trustee shall deposit a portion of the proceeds of sale of the <br />2026 Bonds under Section 3.02(a). The Trustee shall disburse amounts in the Costs of <br />Issuance Fund from time to time to pay the Costs of Issuance upon submission of a Written <br />Requisition of the Authority, substantially in the form attached hereto as Appendix C, stating the <br />person to whom payment is to be made, the amount to be paid, the purpose for which the <br />obligation was incurred and that such payment is a proper charge against said fund. The <br />Trustee may conclusively rely on such Written Requisitions and shall be fully protected in relying <br />thereon. On a date which is 90 days following the Closing Date, or upon the earlier Written <br />Request of the Authority, the Trustee shall transfer all amounts remaining in the Costs of <br />Issuance Fund to the Project Fund, and shall thereupon close the Costs of Issuance Fund. <br /> <br />SECTION 3.04. Project Fund. The Trustee will establish and maintain a separate fund <br />to be known as the “Project Fund” into which the Trustee shall deposit a portion of the proceeds <br />of sale of the 2026 Bonds under Section 3.02(b). Except as otherwise provided herein, moneys <br />in the Project Fund will be used solely for the payment of the Project Costs. The Trustee will <br />disburse moneys in the Project Fund from time to time to pay Project Costs (or to reimburse the <br />City for payment of Project Costs) in accordance with Written Requisitions, substantially in the <br />form attached hereto as Appendix B, filed by the City with the Trustee. Each such Written <br />Requisition must state, with respect to each payment to be made thereby, (i) the name and <br />address of the person to whom payment is to be made, (ii) the amount and purpose of the <br />payment and (iii) that each payment constitutes a Project Cost not previously paid from <br />proceeds of the Bonds. Each Written Requisition must be accompanied by an invoice or <br />statement evidencing each payment to be made thereunder. The Trustee has no responsibility <br />for payments made in accordance with this Section. The City shall maintain accurate records <br />showing all disbursements from the Project Fund. <br /> <br />Page 34 of 205