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<br />. <br /> <br />. <br /> <br />I <br /> <br />. <br /> <br />. <br /> <br />ARTICLE III <br />USE OF PROCEEDS OF NOTE <br /> <br />Section 3.01. Application of Proceeds of Sale of Note. The pr.oceeds <br />received by the Agency from the sale of the Note shall be deposited as follows: <br /> <br />(a) The Agency shall deposit into the Note Fund established <br />pursuant to Section 4.02 any accrued interest or premium received on the sale <br />of the Note. <br /> <br />(b) The Agency shall deposit into the Historical Rehabilitati.on <br />Fund established pursuant to Section 3.02 the remainder .of said proceeds. <br /> <br />Section 3.02. Historical Rehabilitati.on Fund. There is hereby created a <br />fund to be designated the "Community Redevel.opment Agency .of the Agency .of <br />Santa Ana Secured Promissory Note (Old City Hall) Historical Rehabilitation <br />Fund" (herein referred to as the "Historical Rehabilitation Fund"), which <br />shall be held by the Agency in trust and applied to the payment of the Project <br />Costs. <br /> <br />After payment of all Project Costs payable from the Hist.orical <br />Rehabilitation Fund or provisi.on satisfactory to the Agency having been made <br />for payment of Project Costs not yet due or the Agency becomes reasonably <br />certain that all or any portion of amounts in the Historical Rehabilitation <br />Fund wi 11 not be used to make all or any port i on of the L.oan, as further <br />referenced in Section 2.03 hereof, the Agency shall transfer any remaining <br />balance in the Historical Rehabilitation Fund t.o the Note Fund established <br />pursuant to Section 4.02 to be used for prepayment of the principal of the <br />Note in an amount equal to the amount of such transfer on the first day of the <br />month next fo 11 owi ng the date .of transfer. <br /> <br />9 <br />