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Section 2.15 Validity of Bonds. The validity of the authorization and issuance of the <br />Bonds shall not be affected in any way by any proceedings taken by the Agency for the financing <br />or refinancing of any redevelopment project financed with proceeds of the Refunded Bonds, or <br />by any contracts made by the Agency in connection therewith, and shall not be dependent upon <br />the completion of the financing such redevelopment project or upon the performance by any <br />person of his obligation with respect to such redevelopment project, and the recital contained in <br />the Bonds that the same are issued pursuant to the Law shall be conclusive evidence of their <br />validity and of the regularity of their issuance. <br />ARTICLE III <br />APPLICATION OF PROCEEDS OF BONDS <br />Section 3.01 Application of Proceeds of Sale of Series 2016 Bonds -- Allocation <br />Among Funds and Accounts. The proceeds of the sale of the Series 2016 Bonds shall be <br />deposited with the Trustee and shall be held in trust and set aside or transferred by the Trustee as <br />set forth below: <br />The proceeds (net of an allocable portion of underwriter's discount [and premiums paid <br />to the 2016 Bond Insurer for its 2016 Reserve Policy and 2016 Bond Insurance Policy)] of the <br />sale of the Series 2016A Bonds shall be deposited with the Trustee and shall be held in trust and <br />set aside or transferred by the Trustee as follows: <br />(a) The Trustee shall deposit in the Reserve Account established pursuant to <br />Section 5.03(d) hereof the 2016 Reserve Policy; <br />(b) The Trustee shall transfer $ to the Escrow Agent for deposit <br />into the trust account established in the "Revenue Fund," as provided in 'the Irrevocable <br />Refunding Instructions and Agreements (Series 2003 Bond — Tax - Exempt); and <br />(c) The Trustee shall transfer $ to the Costs of Issuance Fund <br />for the payment of the Costs of Issuance allocable to the Series 2016A Bonds. <br />The proceeds (net of an allocable portion of underwriter's discount and premiums paid to <br />[the 2016 Bond Insurer for its 2016 Reserve Policy and 2016 Bond Insurance Policy)] of the sale <br />of the Series 2016B Bonds shall be deposited with the Trustee and shall be hold in trust and set <br />aside or transferred by the Trustee as follows: <br />(a) The Trustee shall transfer $ to the Escrow Agent for <br />deposit into the trust account established in the "Revenue Fund," as provided in the <br />Irrevocable Refiunding Instructions and Agreements (2003 Authority Bonds— Taxable); <br />and <br />(b) The 'Trustee shall transfer $ to the Costs of Issuance <br />Fund for the payment of the Costs of Issuance allocable to the Series 2016B Bonds. <br />The Trustee may establish and use temporary funds or accounts in its records to facilitate <br />and record such deposits and transfers. <br />23 <br />3 -41 <br />