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25 (d) On each Principal Payment Date, after the transfers of Available Tax Increment in accordance with the terms of subsections (b) and (c) of this Section 4.05, if there will be Excess Available Tax Increment in the Tax Increment Account then such Excess Available Tax Increment shall be applied to redeem Bonds under Section 3.05(b). 4.06 Bond Fund. (a) The Authority shall deposit in the Bond Fund (i) amounts transferred from the Revenue Fund pursuant to Section 4.05(b) and (ii) amounts transferred from the Reserve Fund pursuant to Section 4.07. (b) The Authority shall use amounts on deposit in the Bond Fund to pay principal and interest on the Bonds when due, including the Redemption Price due on any Redemption Date and, to the extent lawful, any interest accrued on overdue installments of interest. (c) The Authority shall transfer any amount remaining in the Bond Fund on the Business Day following each Payment Date to the Earnings Account of the Revenue Fund. 4.07. Reserve Fund. (a) The Authority shall deposit in the Reserve Fund the amounts referred to in Section 4.03(b). The Authority shall deposit in the Reserve Fund the amounts transferred from the Revenue Fund pursuant to Section 4.05(c). (b) The Authority shall transfer from the Reserve Fund to the Bond Fund on the day preceding any Payment Date, such amount which, together with amounts already on deposit in the Bond Fund (after amounts (if any) have been transferred from the Revenue Fund pursuant to Section 4.05(b)), is required for the payment from the Bond Fund of interest and principal due on the next Interest Payment Date. (c) The Authority shall transfer any amount in excess of the Reserve Requirement held in the Reserve Fund on the day after a Payment Date (i) to the Rebate Fund, to the extent such amount consists of any Rebate Amount and (ii) to the Earnings Account of the Revenue Fund any other amounts. 4.08 Rebate Fund. (a) The Authority shall establish and maintain a fund separate from any other fund established and maintained hereunder, designated as the Rebate Fund. The Authority shall deposit in the Rebate Fund any Rebate Amount earned on the Funds described in, and pursuant to the provisions of, this Section 4. Subject to the transfer provisions provided, all money at any time deposited in the Rebate Fund shall be held by the Authority in trust, to the extent required to satisfy the obligation of the Authority to rebate arbitrage profits to the United States of America. Neither the Authority nor the Holder of any Bonds shall have rights in or claim to such money. All amounts deposited into or on deposit in the Rebate Fund shall be governed by this Section. (b) The Authority shall transfer from the Funds the Rebate Amounts to the Rebate Fund. -20-