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"arbitrage bonds" within the meaning of Section 103(b)(2) and Section 148 of the Code or any applicable regulations implementing said Sections, and the County further covenants to comply with all other requirements of the Code if and to the extent applicable to maintain continuously the Federal income tax exemption of interest on the Series 1992 Bonds. SECTION 11. APPLICATION OF SERIES 1992 BOND PROCEEDS. All moneys received from the sale of the Series 1992 Bonds shall be deposited and applied by the County as follows: A. All accrued interest shall be deposited into the 1992 Sinking Fund and applied exclusively for the payment of interest first becoming due on the Series 1992 Bonds. B. A sum, if any, specified by subsequent resolution of the Board shall be deposited into the Reserve Account in the Sinking Fund. C. An amount to be specified by subsequent resolution of the Board shall be applied in connection with the retirement of the Series 1985 Bonds and the Series 1987 Bonds to be retired. D. The amount necessary to pay all costs and expenses associated with financial reports, studies and projections, legal fees, accountant's fees, fees of financial advisors, printing expenses, premiums and expenses related to insuring or rating the Series 1992 Bonds and all other similar costs and expenses incurred in connection with the issuance of the Series 1992 Bonds and the retirement of the Series 1985 Bonds and the Series 1987 Bonds to be redeemed shall be paid or provided for. E. The balance remaining, if any, after making all the deposits and payments provided for above shall be deposited into the Sinking Fund and used only for the purpose of paying the principal of and interest on the Series 1992 Bonds which first becomes payable. SECTION 12. REBATE. Anything to the contrary contained herein notwithstanding, the County shall at least annually transfer appropriate amounts from the funds and accounts under the Master Bond Resolution and hereunder to which income on investments attributable to the Series 1992 Bonds has been deposited into an account to be known as the "Refunding Revenue Bonds, Series 1992, Rebate Account" (herein the "1992 Rebate Account") sufficient to pay to the United States of America all amounts due with respect to the Series 1992 Bonds under the provisions of Section 148 (f) of the Code. 'Che earnings on the 1992 Rebate Account shall be added to and become a part of the 1992 Rebate Account. Moneys in the 1992 Rebate Account shall only be used to pay the amounts due to the United States of America under said Section of the Code with respect to the Series 1992 Bonds as the same shall become due and payable. It is the intent of this paragraph to provide for payment of all amounts due under said Section of the Code with respect to the Series 1992 Bonds, in such installments and at such times as may be required by said Section of the Code. In the event of any amendment to the Code or the promulgation of regulations under the Code which provide or require otherwise than as provided or required in this paragraph, this paragraph shall be deemed to be amended to incorporate such amendments or regulations, to the extent applicable, and any provisions hereof which conflict with the provisions thereof shall be deemed to be null and void. G17