Use of the Proceeds. In accordance with the Act, the purchase price of the Sales Tax Revenues payable to the City pursuant to this Sale Agreement corresponding directly or indirectly to the proceeds of the Series 2017 Bonds (net of Financing Costs) shall be deposited, on the Closing Date, into the City Proceeds Account within the Proceeds Fund, each as defined in the Indenture, in accordance with the provisions of the Indenture, and will be paid to or upon the direction of the City, as determined by the Chief Financial Officer, free from the provisions of this Sale Agreement (except that the City shall remain subject to the provisions of Section 6.04 hereof with respect to such proceeds), except that any portion of the purchase price of the Series 2017 Bonds to be used to refund outstanding obligations of the City shall be deposited with the respective trustee or escrow agent for such obligations on the Closing Date for the purposes of effectuating such refunding.
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Use of the Proceeds. In accordance with the Act, the purchase price of the Sales Tax Revenues payable to the City pursuant to this Sale Agreement corresponding directly or indirectly to the proceeds of the Series 2017 Bonds (net of Financing Costs) shall be deposited, on the Closing Date, into the City Proceeds Account within the Proceeds Fund, each as defined in the Indenture, in accordance with the provisions of the Indenture, and will be paid to or upon the direction of the City, as determined by the Chief Financial Officer, free from the provisions of this Sale Agreement (except that the City shall remain subject to the provisions of Section 6.04 hereof with respect to such proceeds), except that any portion of the purchase price of the Series 2017 Bonds to be used to refund outstanding obligations of the City shall be deposited with the respective trustee or escrow agent for such obligations on the Closing Date for the purposes of effectuating such refunding.be
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