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ARTICLE III <br /> APPLICATION OF SERIES 20 BOND PROCEEDS AND OTHER FUNDS <br /> Section 3.1 Deposit of Series 20 Bond Proceeds. The Issuer shall deposit with the <br /> Trustee the Net Proceeds from the sale of the Series 20_ Bonds, which consists of an amount <br /> equal to $ (which amount represents the par amount of the Series 20_ Bonds <br /> ($ ), plus original issue premium ($ ), less an underwriter's discount <br /> ($ ) to be retained by the Underwriter, and less the premium for the Series 20_Debt <br /> Service Reserve Fund Credit Facility allocable to the Series 20_ Bonds to be paid to by the <br /> Underwriter directly to the Series 20_ Credit Provider, for and on behalf of the Issuer <br /> ($ )), and the Trustee shall deposit the Net Proceeds as follows <br /> (a) $ of such amount shall be deposited into the Construction Fund and <br /> disbursed therefrom for the purposes described in Section 4.5(b)hereof; and <br /> (b) $ (constituting the remainder of the Net Proceeds of the Series 20_ <br /> Bonds) shall be deposited into the Expense Fund and disbursed therefrom for the purposes <br /> described in Section 4.6(b)hereof. <br /> Section 3.2 Deposit of Proceeds of Additional Bonds. The Trustee shall deposit the <br /> net proceeds of any subsequent Series of Bonds as provided in the Supplemental Indenture for <br /> that Series of Bonds. <br /> (End of Article III) <br /> 18 <br />