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and after such a ratings downgrading shall be as reasonably <br /> calculated by the firm of certified public accountants regularly <br /> employed by the Lender, and such calculations , in the absence of <br /> manifest error, shall be binding on the parties hereto.. <br /> SECTION 4. PROCEDURE FOR ADVANCES <br /> 4.1 Creation of Construction Fund. The Lender shall <br /> establish a special escrow fund t designated as the "1996 Orange <br /> County Construction Fund"= (the "Construction Fund") , to the credit <br /> of which the Lender shall deposit the Financing Proceeds for the <br /> benefit of the County on the date hereof. The Lender shall keep <br /> such Construction Fund separate and apart from all other funds and <br /> moneys held by it, and shall hold and administer such Construction <br /> Fund as provided in this Contract. <br /> 4.2 Use of Financing Proceeds. The Financing Proceeds are to <br /> be used only for the direct and indirect costs of the Project, <br /> which shall be constructed pursuant to t one or more construction <br /> contracts (the "Construction Contract") submitted to = the <br /> Lender. The County shall furnish copies of any changes in the <br /> Construction Contract or the Plans and Specifications for the <br /> Project to the Lender. <br /> 4.3 Requests for Disbursements. Financing Proceeds shall be <br /> disbursed upon the request of the County by check payable to the <br /> County or as directed by the County, or by deposit to an account of <br /> the County. If requested by the Lender, any disbursement shall be <br /> conditioned upon the receipt by the Lender of a written request by <br /> the County stating the amount of such disbursement. <br /> 4.4 Investments. The Lender shall invest and reinvest the <br /> Construction Fund in Permitted Investments in accordance with <br /> written instructions received from the County. The County shall be <br /> solely responsible for ascertaining that all proposed investments <br /> are Permitted Investments, and for providing appropriate notice to <br /> the Lender for the reinvestment of any maturing investment. <br /> Accordingly, the Lender shall not be responsible for any liability, <br /> cost, expense, loss or claim of any kind, directly or indirectly <br /> arising out of or related to investment or reinvestment of all or <br /> a portion of the Construction Fund as directed by the County,,. <br /> except as a consequence of the negligence or wilful misconduct of <br /> the Lender. All interest earnings on the investments of money in <br /> the Construction Fund shall remain in the Construction Fund to the <br /> credit of the County. <br /> 4 .5 Construction of Project. The County will cause the <br /> Project to be constructed in a timely manner in accordance with the <br /> terms of applicable state law, the terms of the t Construction <br /> Contract, the Plans and Specifications, and all building and zoning <br /> codes in effect with respect to the Project. The County will keep, <br /> 7 <br />