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4837-9618-8312\4 8 with respect thereto under applicable law. In such event the Bonds will be transferable in accordance with paragraph (e) hereof. (d) The execution and delivery of the Representation Letter to DTC, if not previously filed with DTC, by the Mayor or City Manager is hereby authorized and directed. (e) In the event that any transfer or exchange of Bonds is permitted under paragraph (b) or (c) hereof, such transfer or exchange shall be accomplished upon receipt by the Registrar of the Bonds to be transferred or exchanged and appropriate instruments of transfer to the permitted transferee in accordance with the provisions of this resolution. In the event Bonds in the form of certificates are issued to owners other than Cede & Co., its successor as nominee for DTC as owner of all the Bonds, or another securities depository as owner of all the Bonds, the provisions of this resolution shall also apply to all matters relating thereto, including, without limitation, the printing of such Bonds in the form of physical certificates and the method of payment of principal of and interest on such Bonds in the form of physical certificates. 2.09. Form of Bonds. The Bonds shall be prepared in substantially the form found at Exhibit B attached hereto. Section 3. USE OF PROCEEDS. 3.01. Construction Fund There is hereby established on the official books and records of the City a General Obligation Bonds, Series 2019A Construction Fund (the “Construction Fund”), and the City shall continue to maintain the Construction Fund until payment of all costs and expenses incurred in connection with the Tax Abatement Project financed by the Tax Abatement Bonds have been paid. To the Construction Fund there shall be credited from the proceeds of the Tax Abatement Bonds an amount equal to the estimated cost of the Tax Abatement Project ($[_____]) and costs of issuance of the Tax Abatement Bonds ($[_____]), and from the Construction Fund there shall be paid all construction costs and expenses of the Tax Abatement Project, including costs of issuance of the Tax Abatement Bonds. After payment of all construction costs of the Tax Abatement Project, the Construction Fund shall be discontinued and any Tax Abatement Bond proceeds remaining therein shall be credited to the Sinking Fund established by Section 4 hereof, provided that under no circumstances shall amounts remain in the Construction Fund after July 18, 2024, unless the City has received from bond counsel an opinion that maintenance after such date is permitted by applicable laws and does not impair the exemption of interest on the Bonds from federal income taxes. 3.02 Refunding (a) Proceeds of the Street Reconstruction Bonds in the amount of $[________] shall be deposited in the sinking fund established for the Series 2010A Bonds to be applied to their payment on the Redemption Date and proceeds of the Street Reconstruction Bonds in the amount of $[________] shall be used to pay costs of issuance of the Street Reconstruction Bonds. (b) Proceeds of the Improvement Bonds in the amount of $[________] shall be deposited in the sinking fund established for the Series 2011A Bonds to be applied to their payment on the 28