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<br />17 <br /> <br />ARTICLE III <br /> <br />PROCEEDS OF BONDS; PLEDGE OF REVENUES <br /> <br />Section 3.01. Delivery of Bonds. The Trustee is hereby authorized to authenticate the <br />Series 2024 Bonds and upon receipt of the proceeds of sale thereof deliver the Series 2024 Bonds <br />to the initial purchaser thereof upon receipt of a Certificate of the Authority. <br /> <br />Section 3.02. Depositing of Proceeds of Bonds and Other Amounts. On the Closing <br />Date, the initial purchaser will pay a purchase price for the Series 2024 Bonds in the amount of <br />$________, which is equal to the original principal amount of the Series 2024 Bonds ($________), <br />[plus/less] a [net] original issue [premium/discount] of $_______, less an underwriter’s discount <br />of $______. The initial purchaser will pay or be deemed to have paid the purchase price for the <br />Series 2024 Bonds to the Trustee in the following manner: <br /> <br />(a) On the Closing Date, the initial purchaser will wire $________ to the Escrow Agent <br />for deposit into the Escrow Fund established pursuant to the Escrow Agreement. This amount <br />shall be credited toward the purchase price and shall be deemed to have been deposited into the <br />Refunding Fund. <br /> <br />(b) On the Closing Date, the initial purchaser will wire the remaining $_______ to the <br />Trustee, and the Trustee will deposit such amount into the Delivery Costs Fund. <br /> <br />The Trustee may establish a temporary fund or account in its records to facilitate such <br />deposits or transfers. <br /> <br />Section 3.03. Deposit of Installment Payments. All Installment Payments received by <br />the Authority shall be paid to the Trustee on the applicable Installment Payment Date. Such <br />payments received by the Trustee shall be held in trust by the Trustee under the terms hereof <br />and shall be deposited by it as and when received in the Payment Fund, which fund the Trustee <br />hereby agrees to establish and maintain so long as any Bonds are Outstanding. <br /> <br />Section 3.04. Payment Fund. Within the Payment Fund the Trustee shall establish a <br />Payment Account and, if the Indenture authorizes the redemption of the Bonds, a Redemption <br />Account. Installment Payments received by the Authority and transferred to the Trustee shall be <br />deposited by the Trustee in the Payment Account. Such payments shall be net of amounts already <br />on deposit therein that are in excess of the amount required to accumulate therein pursuant to <br />this Section 3.04. The Trustee shall transfer the money contained in the Payment Account and <br />the Redemption Account at the following respective times in the following respective accounts in <br />the following order of priority in the manner hereinafter provided, each of which accounts the <br />Trustee hereby agrees to establish and maintain so long as any Bonds are Outstanding, and the <br />money in each of such accounts shall be disbursed only for the purposes and uses hereinafter <br />authorized: <br /> <br />(a) Payment Account. All moneys in the Payment Account shall be used and <br />withdrawn by the Trustee solely for the purpose of paying principal of and interest on the <br />Bonds on each Interest Payment Date or mandatory redemption dates, as applicable. <br /> <br />(b) Redemption Account. The Trustee, on the optional redemption date <br />specified in the Certificate of the Authority filed with the Trustee at the time that any <br />8.A. - Page 137 of 255 <br />765