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<br />of
<br />SECTION 6, ppplicat10 o l -or —Pro_��e=cis. The proceeds,
<br />including accrued interest and premium, If any, received from the
<br />sale of the Series 1986 Notes shall be deposited and applied by the
<br />County, simultaneous Ly with the delivery of the Series 1486 Notes
<br />to the original purchaser thereof, as follow%:
<br />A. The accrued Interest, plats an amount which, together
<br />with the accrued interest wL11 equal the amount of interest
<br />payable on the Series 1986 Notes Econ the dated data thereof
<br />thro,igh the maturity date thereof shall be daposttefi in the .•"loter.
<br />Paynent Account and will bo n.crl only to pay interest on aha Series
<br />1986 Notes, In accordAncr wtth the terns tie reof A ctie sAme shall
<br />become due nod payable,
<br />A. To the extant. not paid a r.iLnbu1:5-d therefor by the
<br />or I g L n A I purchaser of the ;girl®!a L')96 Noces, to pay all atl,)wAble
<br />cost.^, and expen.e ln,nrred hV the County Ln ConnectEon With the
<br />prnp:tration, Ls;snance and .sale of r.ha :Snr[a., 1986 Nor e%
<br />C. 'Elie,, ba Lance of s,t,'li proceed.; .shaL1 be, detpet,Ited Into
<br />the Construct Ion Fund
<br />SECTION 1, AQnlicatfon of the Constriction Fund
<br />A, The County shall oaks payments from the Construction
<br />Fund to pay the Coat of the Project upon receipt of regsat%1r1ons,
<br />in form and suhstAnr.o sat lafa,.try ro the County, approved by the
<br />Consulting Engin—r%% Repre.seritatLve and the government, w:
<br />necessary, .4tattor, with re.apnct to each pA,/na,nt. t.a, be rro,tdn, (1}
<br />the rnquivIE[oil nun)..r, (2) rhe tram• and ,ulalras:s of the person to
<br />whom payriottt L, due,,, ( 3 ) the Amount to be paLd, anal (E.) that each
<br />cost mentioned tLnrrin hA% been properly incurred, is a proper Cost
<br />of the Project and has not been the ba, -Ls of any i+revlous payment,
<br />or (when the County is deserlhed an the person to whom pAyment is
<br />clue) that each cost rnenttonecl therein has been paid by the County,
<br />is a proper Cost of than Project, has not. been theretofore
<br />reimbursed to the County or otherwise been Elie basis of any
<br />previous payment, and that the. County i, entitled to reimbursement
<br />thereof,
<br />B. Tho County may also pay from the Construction Fund
<br />any costs and expenses referred to in Section 6 (8) hereof not
<br />previously paid pursuant to said Section 6 (8).
<br />C. There is hereby established within the Construction
<br />Fund an account to be known as the Rebate Account. The County
<br />shall at least annually transfer from the Construction Fund to the
<br />Rebate Account amounts sufficient to pay to the United States of
<br />America all amounts due with respect to the Series 1986 Notes under
<br />the provisions of Section 148 (f) of the Internal Revenue Code of
<br />1986, as amended and supplemented, or under similar provisions of
<br />subsequent federal revenue laws (the "Code"). The earnings on the
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