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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) <br /> Feed in Clerk's OthCc <br /> BAN •1 1 '1026 <br /> 17 Bianca Tirado <br /> City Clerk,South Bend, Iti <br />