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<br />. <br />. <br /> <br />. <br />. <br /> <br />. <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 deposited as follows: <br /> <br />(a) The Agency shall deposit int.o 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 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 "Community Redevelopment Agency of the Agency .of <br />Santa Ana Secured Promiss.ory Note (100 Bl.ock W. Fourth) Hist.orical <br />Rehabilitation Fund" (herein referred to as the "Historical Rehabilitati.on <br />Fund"), which shall be held by the Agency in trust and applied to the payment <br />of the Project Costs. Within the Historical Rehabilitation Fund, there is <br />hereby created three accounts to be designated respectively, the "Project 1A <br />Acc.ount", the "Pr.oject 1B Account" and the "Project 1C Acc.ount". Following <br />delivery of the Note and deposit of the proceeds thereof into the Historical <br />Rehabilitation Fund, the Agency shall transfer $215,000 thereof to the Project <br />1A Account to be applied to the payment .of Project Costs in accordance with <br />the terms of the Agreement relating t.o Project 1A; shall transfer $480,000 <br />thereof to the Project 1B Account t.o be app 1 i ed to the payment of Project <br />Costs in accordance with the terms of the Agreement relating to Project 1B; <br />and shall transfer $305,000 there.of to the Pr.oject 1C Account to be applied to <br />the payment of Project Costs in accordance with the terms of the Agreement <br />relating to Project 1C. With the consent of the Bank, the Agency may transfer <br />monies from one of said Accounts to another of said Accounts, but in 00 event <br />shall such transfer be made unless and until the applicable areements have <br />been amended and the principal amount of the Loans to the applicable <br />Participating Parties have been appropriately m.odified. <br /> <br />After payment of all Project Costs payable from the Historical <br />Rehabilitation Fund or provision 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 n.ot be used to make all or any port i on 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 />Note in an amount equal to the amount of such transfer on the first day of the <br />month next following the date of transfer. <br /> <br />9 <br />