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in making any exchange or transfer. The Bond Registrar or the <br />County may also require payment from the Registered Owner or his <br />transferee, as the case may be, of a sum sufficient to cover any <br />tax, fee or other governmental charge that may be imposed in <br />relation thereto. Such charges and expenses shall be paid before <br />any such new Series 1991 Bond shall be delivered. <br />The County and the Bond Registrar may treat the Registered <br />Owner of any Series 1991 Bond as the absolute owner thereof for <br />all purposes, and shall not be bound by any notice to the contrary. <br />APPLICATION OF PROCEEDS <br />All moneys received from the sale of the Series 1991 Bonds <br />shall be deposited and applied by the County as follows: <br />A. All accrued interest plus an amount which together <br />with expected interest earnings from investment of bo proceeds, <br />will equal the interest on the Series 1991 Bonds for months from <br />the date of issuance thereof, shall be deposited into the 1991 <br />Sinking Fund created under the Resolution and applied exclusively <br />for the payment of interest first becoming due on the Series 1991 <br />Bonds. <br />B. The sum of $ 5 Z2,cf-)--s-- shall be deposited into the <br />Reserve Account in the Sinking Fund. <br />C. The amount necessary to pay all costs incurred in <br />connection with the issuance of the Series 1991 Bonds shall be <br />paid or provided for. <br />D. The balance of the moneys remaining after making all <br />the deposits and payments provided for above shall be deposited <br />into the 1991 Construction Fund created under the Resolution and <br />withdrawn, used and applied by the County, as and when necessary, <br />solely for the payment of the costs of the 1991 Project and <br />purposes incidental thereto. If for any reason any moneys in the <br />1991 Construction Fund are not necessary for or are not applied <br />to the payment of such costs, then such moneys shall be deposited <br />by the County into the Sinking Fund and used only to pay the <br />principal of and interest on the Series 1991 Bonds. <br />SECURITY FOR THE SERIES 1991 BONDS <br />General <br />The principal of, redemption premium, if any, and interest on <br />the Bonds will be payable from and secured by a lien upon and <br />pledge of: <br />(i) Net Revenues (which shall include all income or earnings <br />derived from the operation of the Project; all proceeds of the <br />5 <br />