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The Escrow Trustee shall not sell any of the original Government Obligations unless: (a) <br />instructed to do so by the Authority, (b) the proceeds are reinvested in Government Obligations <br />which are sufficient to pay principal and interest on the 1992 Bonds as they become due, (c) an <br />opinion of an independent certified public accountant that the principal and interest on such <br />Government Obligations are sufficient to pay the principal and interest on the. 1992 Bonds as <br />they come due is furnished, and (d) an opinion of bond counsel is furnished to the Escrow <br />Trustee that such reinvestment will not cause the interest on the 1992 Bonds or the Refunding <br />Bonds to become subject to federal tax. <br />All moneys and Governmental Obligations on deposit with the Escrow Trustee, including <br />any earnings thereon, are pledged solely and irrevocably for the. benefit of the holders of the <br />1992 Bonds being refunded. <br />ESTIMATED SOURCES AND USES OF FUNDS <br />The Authority discloses the following sources and uses of funds excluding accrued interest. <br />Sources* <br />Lease Rental Refunding Revenue Bonds of 1998 $ 6,245,000 <br />Total Sources of Funds $ 6,245,000 <br />Uses* <br />Deposit to Escrow $ 6,106,211 <br />Underwriter s Discount 62,450 <br />Cost of Issuance 76,339 <br />Total Uses of Funds $ 6,245,000 <br />* Estimated, subject to change <br />SECURITY AND SOURCES OF PAYMENT FOR THE REFUNDING BONDS <br />The Refunding Bonds shall constitute an indebtedness of the Authority payable in <br />accordance with the terms of the Indenture and secured by the pledge and assignment to the <br />Trustee of the funds and accounts defined and described therein. The Indenture creates a <br />continuing pledge by the Authority to the bondholders to pay principal and interest on the <br />Refunding Bonds until the principal sum shall be fully paid. <br />Funds for the Lease Rental will be paid by the Commission directly to the Trustee (for the <br />account of the Authority) pursuant to the terms of a lease between the Authority, as lessor, and <br />the Commission, as lessee, dated as of July 1, 1992 as amended by the Addendum to Lease <br />dated (collectively, the "Lease"). The Lease Rental due under the Lease <br />commenced on .Lease Rental is payable semi-annually on each February 25 <br />and August 25 thereafter. <br />-13- <br />