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If any such destroyed, stolen or lost Bond shall have matured or shall have been called for redemption, payment of the amount due thereon may be made by the Agency or the Trustee upon receipt of like proof, indemnity and payment of expenses. Any such replacement Bonds issued pursuant to this section shall be entitled to equal and proportionate benefits with all other Bonds issued hereunder. The Agency and the Trustee shall not be required to treat both the original Bond and any duplicate Bond as being Outstanding for the purpose of determining the principal amount of Bonds which may be issued hereunder or for the purpose of determining any percentage of Bonds Outstanding hereunder, but both the original and replacement Bond shall be treated as one and the same. 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 2018 Bonds—Allocation Among Funds and Accounts. The proceeds of the sale of the Series 2018 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 a proportionate cost of the premiums paid to the 2018 Bond Insurer for its 2018 Reserve Policy and 2018 Bond Insurance Policy)] of the sale of the Series 2018A 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 2018 Reserve Policy; (b) The Trustee shall transfer $ to the Escrow Agent for deposit into the trust account established in the "Refunding Escrow," as provided in the "Escrow Agreement (2003 Bonds); and . (c) The Trustee shall transfer $ to the Costs of Issuance Fund for the payment of the Costs of Issuance allocable to the Series 2018A Bonds. The proceeds (net of an allocable portion of underwriter's discount [and a proportionate cost of the premiums paid to the 2018 Bond Insurer for its 2018 Reserve Policy and 2018 Bond Insurance Policy)] of the sale of the Series 2018B Bonds shall be deposited with the Trustee and shall be held in trust and set aside or transferred by the Trustee as follows: 4150-2542-5420.3 23 40990-25 SA -3-41