Authorization and Issuance of the Series B Notes. (a) The County may issue Series B Notes from time to time in an Outstanding aggregate principal amount not to exceed $100,000,000. The principal amount of the Series B Notes and interest thereon shall be payable on the basis specified in Section 3.02 hereof. Pursuant to Section 3.03 and 3.04 of the Master Trust Agreement, the County is issuing [ ] aggregate principal amount of the Series B Notes on the Original Date of Issuance, of which $[ ] shall be deposited in the Refunding Fund (which fund is hereby established with the Trustee) and applied to refund the outstanding Series B Notes, $[ ] shall be applied to refund a Demand Obligation and $[ ] shall be deposited in the Costs of Issuance Fund and applied to pay Initial Costs of Issuance. The Refunding Fund shall be closed by the Trustee after the moneys deposited have been applied to the refunding of the outstanding Series B Notes. Following the earlier of the payment of all Initial Costs of Issuance or [June 1, 20 ], any moneys in the Costs of Issuance Fund shall be transferred to the Series B Payment Fund.
Authorization and Issuance of the Series B Notes. (a) The County may issue Series B Notes from time to time in an Outstanding aggregate principal amount not to exceed $_ subject to the satisfaction of the conditions precedent set forth in Section 4.01 of the Purchase Agreement. The principal amount of the Series B Notes and interest thereon shall be payable on the basis specified in Section 3.02 hereof. Pursuant to Section 3.03 and 3.04 of the Master Trust Agreement, the County is issuing $ aggregate principal amount of the Series B Notes on the Original Date of Issuance, of which $ shall be deposited in the Refunding Fund (which fund is hereby established with the Trustee) and applied to refund the outstanding Series B Notes, $ shall be applied to refund a Demand Obligation and $ shall be deposited in the Costs of Issuance Fund and applied to pay Initial Costs of Issuance. The Refunding Fund shall be closed by the Trustee after the moneys deposited have been applied to the refunding of the outstanding Series B Notes. Following the earlier of the payment of all Initial Costs of Issuance or December 31, 2024, any moneys in the Costs of Issuance Fund shall be transferred to the Series B Payment Fund.
