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<br />17 <br />ARTICLE III. <br />APPLICATION OF THE BOND PROCEEDS <br />Deposit of Bond Funds. The Issuer shall deposit $______________ received from the sale of the <br />Bonds in a separate fund to be known as the “City of South Bend, Indiana—2026 Colfax Corner <br />Project Fund” (the “Project Fund”). Disbursements from the Project Fund will be used to pay for <br />costs of the Project and costs of issuing the Bonds, and are to be made in accordance with the <br />provisions of Article IV of this Indenture. <br />Capitalized Interest. The Issuer shall be deemed to have received $______________ of <br />the proceeds of the Bonds in order to pay the Capitalized Interest Costs. However, the Issuer and <br />the Trustee acknowledge that such amount shall be retained by the Purchaser and applied to pay <br />Capitalized Interest Costs of the Bonds in accordance with the following schedule: <br />(1) $________ on _______________ 1, 202__; <br />(2) $________ on _______________ 1, 202__; and <br />(3) $________ on _______________ 1, 202__. <br />(End of Article III)