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funds of the Issuer, and shall be withdrawn, used and applied by <br />EON <br />the Issuer solely for the purposes set forth herein and in the <br />do <br />Escrow Deposit Agreement. All such proceeds shall be an6 consti- <br />tute trust funds for such purposes and there is hereby created a <br />lien in favor of the holders of the Bonds upon such moneys until <br />so applied. <br />Simultaneously with the delivery of the portion of the <br />® Bonds necessary to accomplish the refunding program specified in <br />this Resolution, the Issuer shall enter into the Escrow Deposit <br />Agreement in such form as shall be fixed by subsequent resolution <br />of the Issuer adopted prior to the issuance of the Bonds, with a <br />bank or trust company approved by the Issuer, which shall provide <br />for the deposit of sums into the Escrow Account established there- <br />in, and for the investment of such moneys in appropriate Federal. <br />Securities so as to produce sufficient funds to make all of the <br />payments described in the first paragraph of this subsection 15D <br />of this Resolution. At the time of execution of the Escrow <br />Deposit Agreement, the Issuer shall furnish to the Escrow Holder <br />named therein appropriate documentation to demonstrate that the <br />sums being deposited and the investments to be made will be suf- <br />ficient for such purposes. <br />E. The balance of such funds shall be deposited into <br />the "Indian River County 1985 Refunding and Improvement Revenue <br />Bonds Construction Fund" (hereinafter called "Construction Fund") <br />hereby created, and used only for payment of the costs of the <br />Project. Any funds on deposit in the Construction Fund which, in <br />the opinion of the Issuer, are not immediately necessary for expen- <br />diture may be invested in Authorized Investments, as herein <br />defined, maturing at such times as the moneys in the Fund will be <br />needed for their intended purposes. All income derived from such <br />investment of funds shall be retained in the Construction Fund <br />and used for the Project until the Project has been completed, at <br />which time any balance remaining in the Construction Fund, <br />shall, at the option of the Issuer, be used for other capital <br />-24- <br />