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Proposals for purchase of the Series 2006 Bonds will be received electronically via PARITY as provided in the Official Notice of Sale, from the time that the Notice of Bond Sale is published until 11:00 a.m., Eastern Daylight Savings Time, on such date and time as may be established by the County Administrator or his designee, and if such date is subject to change, communicated through Thompson Municipal Market Monitor (TM3) not less than twenty-four (24) hours prior to the time bids are to be received for the purchase of Indian River County, Florida, Limited General Obligation Bonds, Series 2006; provided that if the internet is not working on the designated bid date, the bid date shall be automatically changed to the next business day, and the County will communicate a confirmation of this change in bid date through Thompson Municipal Market Monitor (TM3), all as provided in the Notice of Sale (the "Bid Date"). SECTION 5. USE OF PROCEEDS. The proceeds, including accrued interest and premium, if any, received from the sale of any or all of the Series 2006 Bonds shall be applied simultaneously with the delivery of the Bonds to the purchaser thereof, as follows: (A) The accrued interest and capitalized interest, if any, shall be deposited in the Debt Service Fund created by the Authorizing Resolution and shall be used only for the purpose of paying interest coming due on the Series 2006 Bonds. (B) To the extent not reimbursed therefor by the original purchaser of the Series 2006 Bonds, the County shall pay all costs and expenses in connection with the preparation, sale, issuance and delivery of the Series 2006 Bonds. (C) The remainder of the proceeds of the sale of the Series 2006 Bonds shall be deposited in the "Indian River County Limited General Obligation Bonds, Project Acquisition Fund" (the "Acquisition Fund") created by the Authorizing Resolution, which shall be a trust fund for the benefit of the Owners of the Series 2006 Bonds, and used only for the costs of the Projects. The proceeds of the sale of the Series 2006 Bonds shall be and constitute trust funds for the purposes hereinabove provided and there is hereby created a lien upon such moneys, until so applied, in favor of the Owners of said Series 2006 Bonds. Moneys in the Acquisition Fund may from time to time be invested in Authorized Investments. SECTION 6. APPROVAL OF FORMS. The Notice of Bond Sale and Summary Notice of Sale of the Bonds to be submitted for purchase of the Series 2006 Bonds shall be in substantially the forms annexed hereto, as Exhibits A and B, respectively, together with such changes as shall be deemed necessary or desirable by the County Administrator or his designee, incorporated herein by reference. The form of the Official Bid Form shall be provided by the internet auction website selected by the County Administrator, and shall be reasonably satisfactory to the County Administrator. SECTION 7. BOOK ENTRY ONLY BONDS. It is in the best interest of the County and the residents and inhabitants thereof that the Series 2006 Bonds be issued utilizing a pure book-