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(e) the "Project Fund", and therein an account to be designated the "Costs of <br /> Issuance Account" and an account to be designated the "Construction Account"; <br /> (f) the "Taxes and Insurance Fund"; <br /> (g) the "Repair and Replacement Fund"; <br /> (h) the "Surplus Fund"; <br /> (i) the "Operating Reserve Fund"; <br /> (j) the "Insurance and Award Fund"; and <br /> (k) the "Rebate Fund". <br /> 4.3. Sale Proceeds; Minor Portion; Net Sale Proceeds. The sale proceeds <br /> of the Bonds, consisting of all amounts actually or constructively received from the sale of <br /> the Bonds, including amounts used to pay underwriter's compensation ($ ) and <br /> accrued interest ($ ) other than pre-issuance accrued interest, but less any original <br /> issue discount ($ ), are $ . The "minor portion" of the Bonds (being <br /> the lesser of 5% of the sale proceeds or $100,000) is $100,000. $ of sale <br /> proceeds will be invested in a reasonably required reserve or replacement fund as hereinafter <br /> described. The "net sale proceeds" of the Bonds equals the sale proceeds less the portion of <br /> the sale proceeds invested in a reasonably required reserve or replacement fund and as part of <br /> a minor portion, or $ <br /> 4.4. Application of Sale Proceeds and Moneys on the Issue Date. On the date <br /> hereof, the Trustee will deposit all sale proceeds of the Bonds (net of an Original Purchaser's <br /> discount of$ ) as follows: <br /> To the Bond Fund: $ <br /> To the Debt Service Reserve Fund: $ <br /> To the Costs of Issuance Account: $ <br /> To the Construction Account: $ <br /> 4.5. Transferred Proceeds. The Bonds are not refunding bonds, and <br /> consequently there will be no transferred proceeds. <br /> 4.6. Investment Proceeds. The amounts actually or constructively received from <br /> investing sale proceeds of the Bonds and which will constitute "investment proceeds" of the Bonds <br /> under Treas. Reg. § 1.148-1 cannot be determined at this time. Based upon the scheduled <br /> expenditures and assumed interest rates, it is presently estimated by the Borrower that the <br /> Construction Account and the Costs of Issuance Account of the Bond Fund and the Debt Service <br /> Reserve Fund investment proceeds during the construction period will be approximately <br /> -7- <br />