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<br />• <br />~_ . ,~ <br />DATED: <br />NOTICE: The signature on this <br />Signature guaranteed by: assignment must correspond with <br />the name of the registered owner <br />....................... as it appears on the face of the <br />within Bond in every particular. <br />Section 4. APPLICATION OF BOND PROCEEDS <br />Proceeds from the sale of the Bonds will be dis- <br />bursed in accordance with this Section. <br />4.01. Deposit into the Bond Fund. $336,000 of <br />the proceeds of the sale of the Bonds, representing <br />capitalized interest, shall be deposited into the Bond Fund. <br />4.02. Deposit into the Construction Fund. After <br />the deposit referred to in Section 4.01, the remaining <br />proceeds of the sale of the Bonds, as received, shall be <br />deposited into ,the Construction Fund. Of the total deposit, <br />$201,000 shall be deposited into a separate "Construction <br />Contingency Account," and such amount shall be~used solely <br />for the payment of (a) the construction, purchase and <br />acquisition of the Transmission System and the Distribution <br />System to the extent funds in the General Account of the <br />Construction Fund for such purpose are insufficient; or (b) <br />interest on the Bonds if the Authority has insufficient Net <br />Revenues available for such purposes. The remainder of the <br />amount deposited in the Construction Fund shall be deposited <br />into the "General Construction Account" and shall be used <br />for the payment of (x) the expenses incidental to the <br />issuance of the Bonds, including fiscal, legal and engineer- <br />ing fees and expenses, including without limitation expenses <br />incidental to the organization and administration of the <br />Authority, (y) the construction, purchase and acquisition of <br />the Transmission System and the Distribution System and (z) <br />to the extent any Bond proceeds remain after the payment of <br />-- the amounts specified in (x) or (y), the purchase price of <br />an undivided interest in the Southeast Plant;. all to the <br />extent authorized or permitted under applicable law. <br />4.03. Surplus Construction Funds. If any moneys <br />remain in either the Construction Contingency Account or the <br />General Construction Account of the Construction Fund after <br />completion of the entire Distribution System and Transmi- <br />ssion System and the purchase of an interest in the South- <br />east Plant as provided in the Houston Contract, then the <br />Authority shall return to the Purchaser the amount of such <br />038DESAJ/024C02 ~ -17- <br />