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<br />. <br /> <br />Section l2. Funds. There is hereby created with the <br />Treasurer a special trust fund called the "South Main Street <br />Redevelopment Project Redevelopment Fund" (hereinafter <br />sometimes called the "Redevelopment Fund"). There is hereby <br />created with the Fiscal Agent a special trust fund called the <br />"South Main Street Redevelopment Project Special Fund" with <br />special trust accounts contained therein known as the "Interest <br />Account", "Principal Account", and the "Reserve Account." <br />There is hereby created with the Fiscal Agent a special trust <br />fund called the "Escrowed Proceeds Fund." <br /> <br />So long as any of the Bonds, or any interest on them, <br />remain unpaid by the Agency, the moneys in the foregoing Funds <br />shall be used for no purposes other than those required or <br />permitted by this Resolution and the Law. <br /> <br />Section 13. Sale of Bonds; Disposition of Bond Proceeds; <br />Redevelopment Fund. The Agency may provide by resolution for <br />the sale of the Bonds in the manner provided by the Law. <br /> <br />. <br /> <br />A. Upon the delivery of the Bonds to the purchasers, <br />the Fiscal Agent, on behalf of the Agency, shall receive the <br />proceeds from the sale of the Bonds, and shall dispose of the <br />proceeds and moneys as follows: <br /> <br />(1) Deposit in the Interest Account accrued interest <br />and premium, if any, paid by the purchasers of the Bonds; <br />plus an amount which when added to the sum of the accrued <br />interest and premium, if any and anticipated investment <br />earnings on the total amount deposited in the Interest <br />Account will equal the interest due on the Bonds on July 1, <br />1985 net of that portion of interest due on monies <br />deposited in the Escrowed Proceeds Fund; <br /> <br />(2) Deposit in the Reserve Account a sum equal to the <br />Reserve Requirement net of the anticipated investment <br />earnings in the amount deposited through January l, 1985 <br />and net of an amount equal to debt service attributable to <br />monies deposited in the Escrowed Proceeds Fund; <br /> <br />(3) Pay the necessary expenses, including bond <br />insurance premiums, if any, in connection with the issuance <br />and sale of the Bonds and fees of the Fiscal Agent and <br />Paying Agents; <br /> <br />. <br /> <br />(4) Deposit in the Escrowed Proceeds Fund the sum of <br />$9,000,000. <br /> <br />(5) After making the above deposits, the balance of <br />the proceeds from the sale of the Bonds shall be <br />transferred to the Treasurer who shall place the same in <br />the Redevelopment Fund. <br /> <br />11-30-84 <br />1282p/228l/04 <br /> <br />-13- <br />