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The Tax Increment and earnings thereon, other than the Excess <br />Funds, shall be and hereby is irrevocably pledged for the purposes <br />set forth in this Section 4. <br />Proceeds received from the sale of the Bonds shall be <br />deposited as follows: <br />(w) All accrued interest to the date of issuance of <br />the Bonds, unused discount and any premium shall be <br />deposited in the Bond Principal and Interest Account. <br />(x) From the proceeds of the Bonds, the amount <br />required to fund the Escrow Agreement, less the amount <br />provided for such purposes from other sources, shall be <br />irrevocably deposited with the Escrow Agent to be held and <br />used in accord with the terms of the Escrow Agreement. <br />(y) The amounts described in subsection (b) above <br />shall be deposited in the Reserve Account. <br />(z) The remaining proceeds from the sale of the Bonds <br />shall be deposited in the special fund hereby created and <br />established and designated as the "South Bend Redevelopment <br />District 1992 Bond Cost of Issuance Fund ", which Fund shall <br />be expended only for the purpose of paying costs of <br />t issuance of the Bonds. <br />Section 5. Sale of Bonds. The Bonds may be sold in a <br />competitive sale or a negotiated sale. If the bonds are sold at <br />competitive sale, all bids for the Bonds shall be sealed and shall <br />be presented to the Controller in accord with the terms set forth <br />in the bond sale notice or notice of intent to sell. The <br />Commission and the Controller are each hereby authorized to publish <br />a bond sale notice or notice of intent to sell, as they deem <br />advisable upon consultation with the financial advisor for the <br />Bonds. Bidders for said Bonds shall be required to name the rate <br />or rates of interest which Bonds are to bear, which shall be the <br />same for all Bonds maturing on the same date and the interest rate <br />-15- <br />