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ARTICLE III. <br />APPLICATION OF THE BOND PROCEEDS <br />Section 3.1. Deposit of Bond Funds. The Issuer shall deposit $ <br />received from the sale of the Bonds in a separate fund to be known as the "City of South Bend, <br />Indiana-2025 J.C. Hart Development Project Fund" (the "Project Fund"). Disbursements from <br />the Project Fund will be used to pay for costs of the Project and costs of issuing the Bonds, and <br />are to be made in accordance with the provisions of Article IV of this Indenture. <br />However, the <br />Purchaser and <br />Section 3.2. Capitalized Interest. The Issuer shall be deemed to have received <br />of the proceeds of the Bonds in order to pay the Capitalized Interest Costs. <br />Issuer and the Trustee acknowledge that such amount shall be retained by the <br />applied to pay Capitalized Interest Costs of the Bonds in accordance with the <br />following schedule: <br />(1) $ on 1.202_; <br />(2) $ on 1. 202_; and <br />(3) $ on 1, 202_. <br />(End of Article III) <br />17 <br />