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C. The amount necessary to pay costs of issuan e of the Notes shall be <br /> (a) disbursed at the delivery of the Notes by the Purchaser o (b) to the extent not so <br /> disbursed, shall be held by the Finance Officer in a separate fund to be known as the <br /> "2007 Expense Fund" and disbursed in accordance with cust mary City procedures for <br /> disbursement of City funds. Funds remaining on deposit in t e 2007 Expense Fund, if <br /> any, on the date which is three months after the Notes are iss ed shall be transferred to <br /> the Debt Service Fund and used to pay first interest coming due on the Notes. <br /> D. The balance of the principal proceeds of the No es shall be set aside in a <br /> separate fund, hereby created, and designated as the "2007 Pr ject Fund" (the "Project <br /> Furid"), hereby created as the fund to provide for the rec ipt and disbursement of <br /> proceeds of the Notes to be used to pay the costs of the 2007 cquisition and to that end <br /> shall be disbursed by the Finance Officer, without further offici 1 action of or direction by <br /> the Council, in compliance with customary procedures for disb rsement of City funds. <br /> Sectiofi IS. Defeasance. Any Note or Notes which (a) are pai and cancelled, (b) which <br /> have matured and for which sufficient sums been deposited with th Paying Agent to pay all <br /> principal and interest due thereon, or (c) for which sufficient Unit d States funds and direct <br /> United States Treasury obligations have been deposited with a bank o trust company authorized <br /> to keep trust accounts, taking into account investment earnings on such obligations, all principal <br /> of and interest on such Note or Notes when due at maturity or as callel for redemption, pursuant <br /> to an irrevocable escrow or trust agreement, shall cease to have any li n on or right to receive or <br /> be paid from the moneys pledged hereunder and shall no longer have the benefits of any <br /> covenant for the registered owners of outstanding Notes as set forth h rein as such relates to lien <br /> and security of the outstanding Notes. All covenants relative to pay ent, registration, transfer, <br /> and exchange; are expressly continued for all Notes whether deemed o tstanding Notes or not. <br /> -22- <br /> � <br />