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(ii) Costs of Issuance. On the date hereof, an amount of Net Proceeds equal to $53,881.25 will be held by the Issuer and will be used within six months of the date hereof to provide for payment of a portion of the expenses related to issuance of the Note. (iii) Deposit to Escrow Fund. An amount of Net Proceeds equal to $20,315,118.75 will be deposited on the date hereof into the Escrow Fund established pursuant to the Escrow Deposit Agreement, dated as of April 1, 2015 (the "Escrow Agreement"), between the Issuer and the Bank of New York Mellon Trust Company, N.A., as escrow agent and used, together with $100,000 in other funds provided by the Issuer, to refund the Refunded Bonds. (b) NO OVERISSUANCE. The Net Proceeds of the Note ($20,369,000), less payment of the costs of issuance, will be $20,315,118.75 (the "Original Proceeds"). Taking into account other available funds, the Original Proceeds do not exceed the amount necessary to refund the Refunded Bonds. (c) ESCROW FUND. $20,315,118.75 of the Net Proceeds will be deposited into the Escrow Fund held pursuant to the Escrow Deposit Agreement, and used, together with $100,000 in other funds provided by the Issuer in cash or as permitted by the Escrow Agreement, used to purchase obligations of the United States of America the principal and interest on which will be sufficient to pay all interest and principal due on the Refunded Bonds through and including their redemption on July 1, 2016. (d) FUNDS AND ACCOUNTS. (i) Debt Service Fund. All ad valorem taxes levied pursuant to the Resolution, as collected, shall be paid over for deposit in the Debt Service Fund established thereunder and held in trust for the payment of the principal of an interest on the Bonds (including the Note) as they severally become due and shall be expended for no other purpose. The moneys at any time on deposit in the Debt Service Fund shall be disposed of only in the following manner: (A) moneys shall first be used, to the full extent necessary, for deposit into the Interest Account in the Debt Service Fund to pay interest becoming due on the Bonds on the next semiannual interest payment date; provided, however, that deposits for interest shall not be required to be made into the Interest Account to the extent that money on deposit therein is sufficient for such purpose. (B) moneys shall next be used, to the full extent necessary, for deposit into the Principal Account in the Debt Service Fund to pay principal becoming due or scheduled redemption payments on the Bonds on the next principal payment date or date established for redemption; provided, however, that deposits for principal shall not be required to be made into the Principal Account to the extent that money on deposit therein is sufficient for such purpose. 2