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ARTICLE III <br /> ISSUANCE OF THE BONDS <br /> Section 3.1. The Bonds. The Authority has authorized the issuance of the Bonds <br /> pursuant to the Indenture in the aggregate principal amount of twenty-seven million seven <br /> hundred twenty-five thousand dollars ($27,725,000). The Authority agrees that the proceeds of <br /> sale of the Bonds shall be paid to the Trustee on the Closing Date for deposit pursuant to the <br /> terms and conditions of the Indenture. The City hereby approves the Indenture, the assignment <br /> to the Trustee of the rights of the Authority assigned or purported to be assigned thereunder, <br /> and the issuance of the Bonds by the Authority thereunder. <br /> Section 3.2. Application of Advance Rental Payment. On the Closing Date, the <br /> Authority shall direct the Trustee to deposit into the Project Fund the amount of <br /> $24,062,048.99 (of which $3,000,000 is allocable to the City) from the proceeds of the Bonds in <br /> accordance with section 3.02 of the Indenture and Section 4 of the Site and Facility Lease. <br /> Amounts on deposit in the Project Fund allocable to the City shall be expended by the City <br /> upon written requisitions submitted to the Trustee for such purpose in accordance with Section <br /> 3.04 of the Indenture. <br /> -7- <br />