maintained on deposit with the Trustee, such appropriate amount as shall be directed by
the Treasurer of the Board, to be held and disbursed upon written authorization of the
Board or its designee. The Trustee shall apply funds in such account for the purpose of
meeting issuance expenses, rating agency fees, and other necessary costs (to the extent
not payable by the Financial Advisor) of preparing, issuing, advertising, and selling the
Bonds. After payment in full of such issuance expenses, based upon the certification of
the Board, through its Treasurer, all amounts remaining in such Account shall be
transferred to and deposited in the Bond Fund and applied toward the payment of interest
requirements falling due on the Bonds on the next Interest Payment Date.

       (d)    The balance of the proceeds of the Series N (Second Series) Bonds, if any,
shall be deposited in the Bond Fund.


                             (End of Article III)



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