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ARTICLE III <br />BOND PROCEEDS; NOTES PAYMENT ACCOU <br />3.01 Bond Proceeds. The purchaser or purchasers of the <br />Bonds shall pay directly to the Trustee the full purchase price <br />of the Bonds. Into the Notes Payment AccoT-it the Trustee shall <br />deposit from the proceeds of the sale of the Bonds, promptly upon <br />receipt of such proceeds, a sum equal to the aggregate principal <br />amount of the Notes then outstanding and any interest due or to <br />become due thereon which shall not have been provided for out of <br />the proceeds of the Notes or otherwise. <br />3.02 Lien and Security. Money in the Notes Payment <br />Account shall be secured by the Trustee in accordance with U.S. <br />Treasury Department Circular 176 and in the manner prescribed by <br />the laws of the State of Florida relating to the securing of <br />public funds. The money in the Notes Payment Account, until <br />applied in payment of the principal of and interest on the Notes <br />at maturity or prior redemption, whichever is applicable, shall <br />be held in trust by the Trustee and, pending such application, <br />shall be subject to a prior lien and charge in favor of the <br />holders of the Notes and for the further security of such <br />holders. <br />3.03 Application of Notes Payment Account Money. The <br />money on deposit in the Notes Payment Account shall be applied <br />by the Trustee to the payment of the principal of and interest on <br />the Notes when the same shall become due and payable; except that <br />any surplus money which shall remain on deposit in the Notes <br />Payment Account on the maturity date or prior redemption date, <br />whichever is applicable, of the Notes after payment or provision <br />for payment of the principal of and interest on the Notes, <br />derived from the investment of Notes Payment Account Money or <br />otherwise, shall be promptly deposited by the Trustee to the <br />Construction Fund. <br />3.04 Investment. of Notes Payment Account Money. - <br />Money on deposit in the Notes Payment Account shall be invested <br />by the Trustee in Federal Securities maturing not later than the <br />maturity date of the Notes, in accordance with the investment sche- <br />dule contained in the Purchase Agreement, and all interest and other <br />income derived from investments of Notes Payment Account money <br />shall be deposited by the Trustee into the Notes Payment Account. <br />Provided, however, that any money in the Notes Payment Account <br />which shall be derived from the proceeds of the sale of the Bonds <br />-8- <br />