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39 <br /> [Additional term bond] <br /> (b) The Trustee shall take all appropriate action to withdraw funds from <br /> the Principal Account and make timely payment to the Owners of the Term Bonds <br /> subject to sinking fund redemption. <br /> (c) Notwithstanding the foregoing, on or before the 70th day next <br /> preceding any sinking fund payment date, the County may do either of the following: <br /> (i) deliver to the Trustee for cancellation Term Bonds required to be <br /> redeemed on that sinking fund payment date in any aggregate principal amount <br /> desired; or <br /> (ii) instruct the Trustee to apply a credit against the County's sinking fund <br /> payment obligation for any Term Bonds that previously have been redeemed (other <br /> than through the operation of the sinking fund requirements) and canceled by the <br /> Trustee but not previously applied as a credit against any sinking fund payment <br /> obligation. <br /> The Trustee will credit against the County's sinking fund payment obligation on <br /> each sinking fund payment date the amount of 2026A Bonds so purchased, <br /> delivered or previously redeemed as described in paragraphs (i) or (ii) above. <br /> (d) Within seven days of receipt of the funds, Term Bonds or instruction to <br /> apply a credit (as described in subsection (c) above), any amounts remaining in the <br /> Principal Account in excess of the amount required to fulfill the remaining required <br /> principal and sinking fund redemption obligations on the next sinking fund payment <br /> date will, as specified in a County Certificate, either be (i) transferred to the Interest <br /> Account or (ii) used to redeem 2026A Bonds as soon as practicable. In the absence <br /> of any written direction from the County, the Trustee will deposit those amounts to <br /> the Interest Account. <br /> ARTICLE III <br /> DEPOSIT AND USE OF 2026A PROCEEDS; OTHER FUNDS <br /> Section 3.01. Creation and Use of 2026A Project Fund.The Trustee will <br /> establish a special fund designated as the "Orange County 2026A Project Fund." The <br /> 10 <br />