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amount of Dollars ($ ) to the Trustee for authentication and delivery to the Original Purchaser thereof upon the written request of the City. SECTION 3.02 Application of Proceeds of Sale of Series 2019 Bonds; Transfers from the 2007 Trust Agreement. Upon the receipt of payment for the Series 2019 Bonds on the Closing Date in the amount of $ (being an amount equal to the principal amount of the Series 2019 Bonds ($ .00), [less the amount delivered to the Insurer for the Insurance Policy and the Reserve Policy ($ )] plus an original issue premium of $ , less Underwriter's discount ($ ), the Trustee shall apply the proceeds of sale thereof as follows: (a) The Trustee shall transfer to the Escrow Bank, for deposit to the Escrow Fund for the 2007 Certificates, the amount of $ ; and (b) The Trustee shall deposit in the Cost of Issuance Fund an amount equal to $ ; and (c) The Reserve Policy is hereby delivered to the Trustee for deposit in the Reserve Account. SECTION 3.03 Cost of Issuance Fund. There is hereby created a fund to be known as the "City of Santa Ana Gas Tax Revenue Refunding Bonds, Series 2019 Cost of Issuance Fund" (the "Cost of Issuance Fund"), which the City hereby covenants and agrees to cause to be maintained and which shall be held in trust by the Trustee. The moneys in the Cost of Issuance Fund shall be used in the manner provided by law solely for the purpose of the payment of Costs of Issuance upon receipt by the Trustee of written requests of the City therefor, on or after the Closing Date. Each such request of the City shall be sufficient evidence to the Trustee of the facts stated therein and the Trustee shall have no duty to confirm the accuracy of such facts. Any funds remaining in the Cost of Issuance Fund on the earlier of (1) the date an Authorized Official notifies the Trustee that all third party Costs of Issuance have been paid, or (2) 2020, shall be transferred by the Trustee to the Debt Service Fund. SECTION 3.04 Issuance of Additional Obligations. In addition to the Series 2019 Bonds, the City may, by Additional Obligations Instrument, issue or incur other loans, advances or indebtedness payable from Gas Tax Revenues on a parity with the Series 2019 Bonds to provide for the full or partial refunding of the Series 2019 Bonds, provided that there is a savings in debt service as a result of the issuance of such refunding bonds. SECTION 3.05 Validity of Series 2019 Bonds. The validity of the authorization and issuance of the Series 2019 Bonds shall not be affected in any way by any proceedings taken by the City in connection with the Gas Tax Revenues, and the recital contained in the Series 2019 Bonds that the same are issued pursuant to the Bond Law shall be conclusive evidence of their validity and of the regularity of their issuance. 55394.00055\32329348.3 5 554-34