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of ARTICLE II NOTES PROCEEDS; ADDITIONAL FUNDS 2.01 Application of Note Proceeds. With the exception of accrued interest on the Notes and capitalized interest thereon in the amount of $ , which shall be deposited into the Notes Payment Account, and, at the option of the Issuer, an anount equal to $881,500 which shall be paid to the Issuer as reimbursement for Project costs previously advanced by it, the proceeds of the sale of the Notes shall be applied by the Trustee to pay to those entitled to receive the same, or, at the option of the Issuer, to the Purchaser for payment to those entitled to receive the same, the expenses of the issuance of the Notes, and to the extent due and payable, expenses related to the issuance of the Bonds. The Trustee shall then deposit the entire balance of such proceeds in the Construction Fund for disposition in the manner hereinafter provided. The Issuer's share of any liquidated damages or other money paid by defaulting contractors or their sureties, and all proceeds of insurance compensating for damages to the Project during the period of construction, shall be deposited in the Construction Fund and applied by the Trustee as hereinafter provided for the application of other Construction Fund money. 2.02. Additional Funds. After compliance with the pro- visions of the resolutions authorizing the issuance of the Prior Lien Obligations, the Issuer shall deposit into the Notes Payment Account from the Pledged Funds, in advance of each interest payment date on the Notes, beginning November 1, 1984, an amount sufficient to pay interest on the Notes as it becomes due on such interest payment date. 2.03 Lien and Security. Money in the Construction Fund shall be secured by the Trustee in accordance ,with U.S. Treasury Department Circular 176 and in the manner prescribed by the laws of the State of Florida relating to the securing of public funds. The money in the Construction Fund, until applied in payment of any item of the Cost of the Project, shall be held in trust by the Trustee, subject to a prior lien and charge in favor of the holders of the Notes and for the further security of such holders. 2.04 Application of Construction Fund Monev. The Trustee shall make payments from the Construction Fund to pay the Cost of the Project as follows: (A) All disbursements from the Construction Fund shah be made only upon the conditions specified in paragraph (B) below -5-