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<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 proceeds <br />received by the Agency from the sale of the Note shall be dep.osited as f.ollows: <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 />.. <br /> <br />(b) The Agency shall dep.osit into the Historical Rehabilitation <br />Fund established pursuant to Section 3.02 the remainder of said pr.oceeds. <br /> <br />Section 3.02. Historical Rehabilitati.on Fund. There is hereby created a <br />fund to be designated the "Community Redevelopment Agency of the Agency of <br />Santa Ana Secured Promissory Note (205 W. Civic Center) Historical <br />Rehabilitation Fund" (herein referred to as the "Historical Rehabilitation <br />Fund"), which shall be held by the Agency in trust and applied to the payment <br />of the Project Costs. <br /> <br />After payment of all Project C.osts payable from the Historical <br />Rehabilitation Fund or provision satisfactory to the Agency lìaving 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 Rehabilitati.on <br />Fund will not be used to make all .or any p.orti.on of the Loan, as further <br />referenced in Section 2.03 hereof, the Agency shall transfer any remaining <br />balance in the Historical Rehabilitation Fund to 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 t.o the amount of such transfer .on the first day of the <br />month next following the date of transfer. <br /> <br />9 <br />