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