Issuance of Bonds - Project Fund Held by Trustee. Developer, the City and the Authority agree to reasonably cooperate with one another in the completion of the financing through the issuance of the Bonds in one or more series for the CFD in accordance with the California Municipal Finance Authority Policies and Procedures for Community Facilities Districts (xxxx://xxx.xxxx-xx.xxx/bold/cmfa-cfd-policies-and-procedures/). Upon the issuance of the first series of Bonds for the CFD, the Authority will cause the Trustee to establish and maintain a separate Project Fund for the purpose of holding all funds derived from each series of Bonds for the financing of the Facilities. A separate Tax Exempt Account and Taxable Account of the Project Fund may be established for each series of Bonds into which the proceeds of tax exempt Bonds and taxable Bonds, if any, shall be deposited. All earnings on amounts in a Project Fund shall remain in such Project Fund for use as provided herein and pursuant to the applicable Indenture. Money in each and every Project Fund shall be available to respond to delivery of Payment Requests for the Base Increment or Retained Increments in the form attached hereto as Exhibits “E” and “F,” respectively, with respect to Acquisition Improvements, and a Disbursement Request Form (defined below) relating to City Fees to be paid to the City, or its designee, or the Developer, or its designee, from the Available Amount pursuant to such forms. Upon completion of the Project and the funding of all Facilities, any remaining funds in each Project Fund (less any amount determined by the City as necessary to reserve for claims against the Project Fund) shall be applied by the Authority to call Bonds or to reduce Special Taxes as the Authority shall determine.
