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<br />A. Upon the delivery of the Bonds to the initial <br />purchasers, the Fiscal Agent, on behalf of the Agency, shall <br />receive the proceeds from the sale of the Bonds, and shall <br />dispose of the proceeds and moneys as follows: <br /> <br />. <br /> <br />(1) Deposit in the Escrow Fund an amount equal to <br />$2,950,000; <br /> <br />(2) Deposit in the Interest Account an amount equal <br />to the accrued interest and premium if any, on the Bonds, <br />plus an amount which when added thereto will equal interest <br />due on the Bonds on June 15, 1986, net of the anticipated <br />interest earnings on the funded amount to June 15, 1986, <br />and net of an amount equal to that portion of the debt <br />service attributable to monies in the Escrow Fund; <br /> <br />(3) Deposit in the Debt Service Reserve Account an <br />amount equal to the Reserve Requirement, net of an amount <br />equal to that portion of the interest payable during the <br />current Bond Year attributable to monies in the Escrow Fund; <br /> <br />(4) Deposit in the Costs of Issuance Account, an <br />amount equal to $365,045. <br /> <br />. <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 />B. The moneys set aside in the Redevelopment <br />shall remain there until from time to time expended for <br />purpose of financing a portion of the costs of the <br />Redevelopment Project and other related costs, and also <br />including in such costs: <br /> <br />Fund <br />the <br /> <br />(1) the payment of an amount of money in lieu of <br />taxes as authorized by Section 33401 of the Law in any year <br />during which the Agency owns property in the Redevelopment <br />Project Area, to any city, county, city and county, <br />district or other public corporation which would have <br />levied a tax upon such property had it not been exempt from <br />taxation; <br /> <br />. <br /> <br />(2) the cost of any lawful activities in connection <br />with the implementation of the Redevelopment Project Area, <br />including, without limitation, those activities authorized <br />by Section 33445 of the Law; and <br /> <br />(3) the Costs of Issuance (not otherwise paid from <br />the Costs of Issuance Account). <br /> <br />If any sum remains in the Redevelopment Fund after the <br />full accomplishment of the objects and purposes for which the <br />Bonds were issued, that sum shall be transferred to the Special <br /> <br />12-02-85 <br />9559p/228l/0l <br /> <br />-19- <br />