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entitled to the benefits provided by the Trust Agreement and (b) is not deemed to <br /> be Outstanding under the Trust Agreement. <br /> ARTICLE III <br /> DEPOSIT AND USE OF 2022 PROCEEDS; OTHER FUNDS <br /> Section 3.01. Disbursement of Proceeds. The Trustee will apply proceeds <br /> from the sale of the 2022 Bonds as provided in the certificate described in Section <br /> 1.07(f). <br /> Section 3.02. Deposit and Custody of Proceeds; Security Interest. (a) The <br /> County will hold all the proceeds from the sale of the 2022 Bonds in a separate <br /> deposit account to be known as the "2022 Proceeds Account." The County will hold <br /> this account separate and apart from all other County funds. The County must use <br /> all amounts on deposit from time to time in this Account only for the payment of <br /> 2022 Project Costs (which may include the reimbursement to the County for <br /> previous expenditures on 2022 Project Costs). <br /> (b) The County grants a security interest in all funds on deposit from time <br /> to time in the 2022 Proceeds Account to the Trustee, for the benefit of the <br /> Bondholders. At any time during the continuation of an Event of Default, upon <br /> notice and demand from the Trustee, the County will pay all amounts in the 2022 <br /> Proceeds Account as the Trustee directs. <br /> (c) The Trustee has no right or obligation to review or limit the County's <br /> use of funds in the 2022 Proceeds Account. The County's is solely responsible for the <br /> investment of amounts on deposit to the credit of the 2022 Proceeds Account in <br /> Legal Investments. The County will provide such information concerning the use <br /> and investment of amounts from the 2022 Proceeds Account as the Trustee may <br /> request from time to time. <br /> Section 3.03. Transfer of Unexpended Proceeds. Upon the first to occur <br /> of (a) July 1, 2025, or (b) the time when the County determines there are no more <br /> 2022 Project Costs to be paid from the 2022 Proceeds Account, the County will <br /> withdraw all remaining moneys in the 2022 Proceeds Account and pay those <br /> 9 <br />