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Each notice must describe generally the nature and extent of the damage, <br /> destruction or taking. The County must provide any additional information <br /> concerning the matter as the Trustee may reasonably request. <br /> The County must file its claims under insurance coverages and claims for <br /> awards or payments in the nature of condemnation awards resulting from any <br /> damage, destruction or taking. The County must prosecute all its claims for awards <br /> or payments in good faith and with due diligence. Any Net Proceeds received by the <br /> County because of those claims will be used as provided in Section 5.16. <br /> Section 5.16. Deposit and Use of Net Proceeds. <br /> (a) If the amount of Net Proceeds received by the County from any single <br /> event or any single series of related events is less than $1,000,000, then the County <br /> has no obligation to account to the Trustee or any other person or entity with <br /> respect to the use of such Net Proceeds. The County, however, acknowledges that its <br /> use of funds may be constrained by the requirements of the Code and the County's <br /> covenants and representations in Section 6.01(k). <br /> (b) If the amount of Net Proceeds received by the County from any single <br /> event or any single series of related events is at least $1,000,000, the County must <br /> cause the Net Proceeds to be paid to the Trustee for deposit and application as <br /> provided in this Section. <br /> (c) The County may elect to proceed under either part (i), (ii) or (iii) of this <br /> subsection with respect to Net Proceeds deposited with the Trustee pursuant to <br /> subsection (b). The County must notify the Trustee of its election within 60 days <br /> after the date of the deposit. <br /> (i) The County may direct the Trustee to deposit the Net Proceeds into the <br /> Redemption Account in the Bond Fund and use the Net Proceeds, together with any <br /> other available funds the County may provide in its discretion, to redeem or defease <br /> the Bonds in whole (but not in part), pursuant to Section 2.01 and Article XI, as <br /> appropriate, and as directed in a County Certificate. <br /> (ii) If the County determines that the Net Proceeds, together with any <br /> other available funds the County may provide in its discretion, will be sufficient to <br /> repair or restore that portion of the Pledged Facilities regarding which the Net <br /> Proceeds arose, then the County may direct the deposit of the Net Proceeds to the <br /> 23 <br />