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SECTION 15. APPLICATION OF BOND PROCEEDS. The proceeds, <br />El <br />including accrued interest and premium, if any, received from the <br />40 <br />sale of any or all of the Bonds shall be applied by the Issuer <br />simultaneously with their delivery to the purchaser thereof, as <br />follows: <br />A. The accrued interest plus, at the option of the Issuer, <br />an amount which, together with such accrued interest, will equal <br />the amount of interest on the Bonds for a reasonable period of time <br />from the date of issuance of the Bonds, shall be deposited in the <br />Sinking Fund herein created and shall be used only for the pur- <br />pose of paying interest becoming due on the Bonds. <br />B. At the option of. the Issuer, a sum or bond insurance <br />policy meeting the requirements of Section 17B(4) which, together <br />with other legally available funds of t1ie Issuer deposited therein <br />on the date of delivery of the Bonds, will equal the Maximum Debt <br />Service Requirement on the Bonds shall be deposited into the <br />Reserve Account hereinafter created and established. <br />C. To the extent not paid or reimbursed therefor by the <br />original purchaser of the Bonds, the Issuer shall pay all costs <br />and expenses in connection with the preparation, issuance and sale <br />of the Bonds. <br />D. A sum specified in the Escrow Deposit Agreement which <br />together with the other funds described in the Escrow Deposit <br />Agreement to be deposited in escrow, and together with the invest- <br />ment income thereon, will be sufficient to pay the principal of, <br />interest and redemption premiums, if any, on the Refunded Bonds as <br />the same shall become due or may be redeemed, shall be deposited <br />into the Escrow Account established by the Escrow Deposit Agreement <br />in the respective amounts sufficient for such purposes. Further, <br />an amount sufficient to pay the costs and expenses incurred in con- <br />nection with the issuance and sale of the Bonds may be deposited in <br />a separate Expense Account and disbursed under the Escrow Deposit <br />Agreement, if not paid under C above. <br />Such funds shall be kept separate and apart from all other <br />-23- <br />