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R. FUNDS AND ACCOUNTS. The designation and establishment of the various funds and accounts created herein does not require the establishment of any completely independent, self -balancing funds as such term is commonly defined and used in governmental accounting, but rather is intended solely to constitute an earmarking of certain revenues and assets as provided herein. SECTION 16. SALE OF BONDS. The Bonds may be sold at public or private sale pursuant to the Act, all at one time or from time to time, as shall be provided by subsequent resolution of the Board. SECTION 17. APPLICATION OF BOND PROCEEDS. The proceeds, including accrued interest and premium, if any, received from the sale of the Bonds shall be deposited and applied by the County as follows: A. The accrued interest plus, if applicable, as specified by subsequent resolution of the Board, an amount equal to the interest on the Bonds for a reasonable period of time from the date of issuance of the Bonds shall be deposited into the Sinking Fund and be applied exclusively for the payment of the interest first becoming due on the Bonds. B. A sum specified by subsequent resolution of the County shall be deposited into the Reserve Account. C. The amount necessary to pay all fees, costs and expenses associated with financial reports, studies and projections, legal fees, fees of financial advisors, printing expenses, premiums and expenses related to insuring or rating the Bonds and all other similar costs and expenses of issuing the Bonds shall be paid or provided for. D. The balance of such proceeds shall be paid into the Impact Fee Trust Fund to be used for the expansion of the wastewater treatment system of the County, including without limitation the acquisition and construction of the North County Wastewater System. SECTION 18. REMEDIES. Any Registered Owners or any trustee acting for such Registered Owners may, by suit, action, mandamus or other proceedings in any court of competent jurisdiction, protect and enforce any and all rights, including the right to the appointment of a receiver, existing under the laws of the State of Florida, or granted and contained herein, and may enforce and compel the performance of all duties herein or by any applicable statutes required to be performed by the County or by any officer thereof, including the collection of the Assessments. SECTION 19. DEFEASANCE. If at any time the County shall have paid, or shall have made provision for payment of, the principal, interest and premiums, if any, with respect to any of the Bonds, then, and in that event, the pledge of and lien on the Pledged Funds in favor of the Registered Owners of - 26 -