80A - JOINT - SAFA - WATER SYS BONDS

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and entitled to the benefits hereof, and such Additional Bonds have been duly and validly authorized, executed, issued and delivered in accordance herewith, (4) the amendment to the Installment Purchase Agreement required by Section 4.01(d) has been duly authorized, executed and delivered and is valid and binding upon the Authority and the City and enforceable in accordance with its terms (except as enforcement may be limited by bankruptcy insolvency, reorganization and other similar laws relating to the enforcement of creditors' rights and by equitable principles), and (5) the issuance of such Additional Bonds will not adversely affect the exclusion from gross income for federal tax purposes of interest on any Outstanding Bonds which purport to bear interest which is excluded from gross income pursuant to Section 103 of the Code; (d) A Certificate of the Authority containing such statements as may be reasonably necessary to show compliance with the conditions for the issuance of such Additional Bonds contained herein; and (e) Such further documents, opinions, money or securities as are required by the provisions of the Supplemental Indenture providing for the issuance of such Additional Bonds. ARTICLE V ESTABLISHMENT OF FUNDS; DEPOSIT AND APPLICATION OF PROCEEDS SECTION 5.01. Establishment of Funds and Accounts. (a) The Trustee shall establish and maintain a special trust fund to be held by the Trustee called the "City of Santa Ana Water System Improvement Project Payment Fund" (the "Payment Fund "). Within the Payment Fund, the Trustee shall establish and maintain an Interest Account (the "Interest Account "), a Principal Account (the "Principal Account "), a Sinking Account (the "Sinking Account ") and a Redemption Account (the "Redemption Account "). (b) The Trustee shall establish and maintain a special trust fund to be held by the Trustee called the "City of Santa Ana Costs of Issuance Fund" (the "Costs of Issuance Fund "). (c) The Authority shall establish and maintain a special trust fund to be held by the Treasurer called the "City of Santa Ana Acquisition Fund" (the "Acquisition Fund "). SECTION 5.02. Application of Proceeds. Upon the receipt of payment for the 2014 Bonds on the Closing Date, the Trustee and the Authority shall apply the proceeds thereof as follows: (i) The Trustee shall transfer $ to the Escrow Agent for deposit in the escrow fund established under the Escrow Agreement; 55394.00011 \8754149.4 80i�- 91