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AUG 17 1983 En PAS 214 SECTION 15. 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 County simultaneously with their delivery to the purchaser thereof, as follows: A. The accrued interest shall be deposited in the Sinking Fund herein created and shall be used only for the purpose of pay- ing interest becoming due on the Bonds. B. A sum which, together with other legally available funds of the County which may be deposited therein on the date of delivery of the Bonds, will equal all or a portion of the Maximum Bond Service Requirement on the Bonds, at the option of the County, shall be deposited into the Reserve Account hereinafter created and established. C. To the extent not paid or reimbursed therefor by the original purchaser of the Bonds, the County shall pay all costs and expenses in connection with the preparation, issuance and sale of the Bonds. D. A sum specified in the Escrow Deposit Agreement which together with the other funds described in the Escrow Deposit Agreement to be deposited in escrow, and together with the invest- ment income thereon, will be sufficient to pay the principal of, interest and redemption premium, if any, on the Refunded Bonds as the same shall become due or, may be redeemed, shall be deposited into the Escrow Account established by the Escrow Deposit Agree- ment in the respective amounts sufficient for such purposes. Further, an amount sufficient to pay the costs and expenses in- curred in connection with the issuance and sale of the Bonds may be deposited in a separate Expense Account and disbursed under the Escrow Deposit Agreement, if not paid under C above. Such funds shall be kept separate and apart from all other funds of the County, and shall be withdrawn, used and applied by the County solely for the purposes set forth herein and in the Escrow Deposit Agreement,. All such proceeds shall be and consti- -19-