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Cent Tourist Development Tax Account and the Local Government Half-Cent Sales Tax Account; B. Construction Fund, and within the Construction Fund, a Project Account, a Land Acquisition Account and a Cost of Issuance Account; C. Debt Service Fund, and within the Debt Service Fund, an Interest Account, a Principal Account, Bond Amortization Account and a Reserve Account; and D. Rebate Fund. The designation and establishment of the various funds and accounts in and by this Resolution shall not be construed to require the establishment of any completely independent, self-balancing funds as such term is commonly defined and used in governmental accounting, but rather is intended solely to constitute an earmarking of certain revenues and assets for certain purposes and to establish certain priorities for application of such revenues and assets as herein provided. SECTION 17. APPLICATION OF BOND PROCEEDS. The proceeds, including accrued interest and premium,if any, received from the sale of any or all of the Bonds shall be applied by the Issuer simultaneously with the delivery of such Bonds to the purchaser thereof, as follows: A. The accrued interest shall be deposited in the Interest Account in the Debt Service Fund herein created and shall be used only for the purpose of paying interest becoming due on the Bonds. B. Unless provided from other funds of the Issuer on the date of the Bonds, or unless provided for through the purchase of municipal bond insurance, a surety bond or other credit facility, a sum sufficient, with other funds on deposit in the Reserve Account, to equal the Reserve Requirement shall be deposited in the Reserve Account, herein created and established, and shall be used only for the purposes provided therefore. C. The balance of the proceeds shall be deposited in the Construction Fund, with an amount equal to $7,000,000 to be credited to the Project Account, and amount determined by the County Administrator to be necessary to pay all costs of issuance associated with the issuance of the Bonds to be deposited into the Cost of Issuance Account, and the remaining proceeds to be deposited into the Land Acquisition Account. D. To the extent not paid by the original purchaser of the Bonds, the Issuer shall pay all costs and expenses in connection with the issuance, sale and delivery of the Bonds. SECTION 18. APPLICATION OF MONEYS IN CONSTRUCTION FUND. The moneys on deposit in the Construction Fund shall be withdrawn and used as and when necessary, solely for the payment of the costs of the Project and purposes incidental thereto and the costs of issuance of the Bonds. Moneys on deposit in the subaccounts of the Construction Fund shall be disbursed in the following manner: 12