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be irrevocably and unconditionally obligated to take such action as may be required to entitle it to receive such Revenue Sharing Trust Funds in the maximum amount provided by law. SECTION 16. APPLICATION OF PROCEEDS OF OBLIGATIONS. All moneys received from the sale of the Obligations shall be deposited by the Issuer in a special account in a bank or trust company and applied by the Issuer as follows: A. All accrued interest and interest to accrue on the Obligations for one year after the date of delivery of the Obliga- tions shall be deposited into the Sinking Fund and applied ex- clusively for the payment of interest becoming due on the Obliga- tions. B. The Issuer shall next deposit with the paying agent of the outstanding Revenue and General obligation Notes a sum equal to pay all the principal of and interest on said Notes to the first date on which they may be called on or after the delivery of. the Obligations. C. The sum of One Hundred Thousand Dollars ($100,000) shall be deposited into the Reserve Account in the Sinking Fund. D. The sum of Two Hundred Sixty Thousand Dollars ($260,000) shall be deposited into the Operating Reserve Fund in the Solid Waste Disposal System Operating Account. E. The Issuer shall next use the moneys in said special account to pay all engineering fees, legal fees, fees of financial advisors, cost of the issuance of the Obligations, and all other similar costs incurred in connection with the acquisition and con- struction of the project and the issuance of the Obligations to finance the cost thereof. F. A special fund is hereby created, established and des- ignated as the "Facilities Construction Fund" (herein called the "Construction Fund"). There shall be paid into the Construction Fund the balance of the moneys remaining after making all the de- posits and payments provided for in paragraphs A, B, C, D, and E above. Such fund shall be kept separate and apart from all other