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The proceeds of insurance maintained against physical loss of or damage to a Project, or of contractors' performance bonds with respect thereto pertaining to the period of construction thereof, shall be deposited into the Project Fund. Any moneys received by the Issuer from the State or from the United States of America or any agencies thereof for the purpose of financing part of the Cost of the Project shall be deposited into the Project Fund and used in the same manner as other Bond proceeds are used therein; provided that separate accounts or subaccounts may be established in the Project Fund for moneys received pursuant to the provisions of this paragraph whenever required by Federal or State law. The Issuer covenants that the acquisition, construction and equipping of each Project will be completed without delay and in accordance with applicable law and sound engineering practices. The Issuer shall only make disbursements or payments from the applicable account of the Project Fund to pay Costs of the Project for which such account was established, except as provided below with respect to any surplus proceeds in a particular account. The Issuer shall keep records of such disbursements and payments and shall retain all such records for such periods of time as is required by applicable law. Notwithstanding any of the other provisions of this Section 4.02, to the extent that other moneys are not available therefor, amounts in an account of the Project Fund shall be applied to the payment of principal and interest on the Series of Bonds for which such account was established or to reimburse a Credit Facility Provider for the payment of such principal and interest. The date of completion of acquisition, construction and equipping of a Project shall be documented by an Authorized Issuer Officer in the appropriate records of the Issuer. Promptly after the date of the completion of a Project, and after paying or making provisions for the payment of all unpaid items of the Costs of such Project, the Issuer shall apply any balance of moneys remaining in the Project Fund in the following order of priority: (A) deposit such balance to any other account established in the Project Fund for which an Authorized Issuer Officer certifies that there are insufficient moneys to pay the Costs of the Project for which such account was established, (B) deposit such balance to such other fund or account established hereunder as shall be determined by the Issuer; provided the Issuer has received an opinion of Bond Counsel to the effect that such transfer shall not adversely affect the exclusion, if any, of interest on the Bonds (other than Taxable Bonds) from gross income for purposes of federal income taxation, and (C) apply such balance for any other lawful purpose; provided the Issuer has received an opinion of Bond Counsel to the effect that such application shall not adversely affect the exclusion, if any, of interest on the Bonds (other than Taxable Bonds) from gross income for purposes of federal income taxation SECTION 4.03. CREATION OF SINKING FUND; APPLICATION OF AD VALOREM TAX. (A) There is hereby created the "Indian River County, Florida General Obligation Bonds Sinking Fund", which shall be held in trust for the benefit of the Bondholders. There is hereby ordered levied upon all the property taxable for such purpose within the Issuer, the Ad Valorem Taxes in an amount sufficient to produce amounts to pay the principal, interest, charges of the Paying Agents and Registrars, and any other amounts that are properly due and owing with respect to the repayment of the Bonds. The Ad Valorem Taxes shall be deposited into the Sinking Fund promptly upon receipt. All Hedge Receipts and Federal Subsidy Payments 24