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<br />l8 <br />. <br /> <br />,8 <br />'. <br /> <br />8 <br /> <br />. <br /> <br />" <br /> <br />ARTICLE III <br />USE OF PROCEEDS OF NOTE <br /> <br />receiv~C~~0~h:'2g1~ncyA~~C~~~0~af: :!O~~edN~t~fs;:llf b~f d:~~~itedTha~ ~~~~~:~~ <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 int.o the Historical Rehabilitation <br />Fund established pursuant to Section 3.02 the remainder of said proceeds. <br /> <br />Section 3.02. Historical Rehabilitation Fund. There is hereby created a <br />fund to be designated the IIConmunity Redevelopment Agency of the Agency of <br />Santa Ana Secured Promissory Note (Beem Buildings) 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. Within the Historical Rehabilitation Fund, there is hereby created two <br />accounts to be designated respectively, the "Project 5A Account", and the <br />"Project 5B Acc.ount". Following delivery of the Note and deposit of the <br />proceeds there.of into the Historical Rehabilitation Fund, the Agency shall <br />transfer $650,000 thereof to the Project 5A Account to be applied to the <br />payment of Project Costs in accordance with the terms of the Agreement <br />relating to Project 5A; and shall transfer $350,000 thereof to the Project 5B <br />Account to be app 1 i ed to the payment of Project Costs in accordance with the <br />terms of the Agreement relating t.o Project 5B. With the consent of the Bank, <br />the Agency may transfer monies from one of said Accounts to another of said <br />Accounts, but in no event shall such transfer be made unless arx:! until the <br />applicable areements have been amended and the principal amount of the Loans <br />to the applicable Participating Parties have been appropriately modified. <br /> <br />After payment of all Project Costs payable from the Historical <br />Rehabilitation Furx:! or provision satisfactory to the Agency having been made <br />for payment of Pr.oject Costs not yet we or the Agency becomes reasonably <br />certain that all or any portion of amounts in the Historical Rehabilitation <br />Fund will not be used to make all or MY portion of the Loans, 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 />N.ote in an amount equa 1 to the amount of such transfer on the fi rst day of the <br />month next following the date of transfer. <br /> <br />9 <br />