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