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14. Delivery; Application of Proceeds. The Bonds when so prepared and executed shall be delivered by the Finance Director to the Purchaser upon receipt of the purchase price, and the Purchaser shall not be obliged to see to the proper application thereof. 15. Fund and Accounts. There is hereby created a special fund to be designated the "Taxable General Obligation Housing Improvement Bonds, Series 2009A Fund" (the "Fund") to be administered and maintained by the Finance Director as a bookkeeping account separate and apart from all other funds maintained in the official financial records of the City. The Fund shall be maintained in the manner herein specified until all of the Bonds and the interest thereon have been fully paid. There shall be maintained in the Fund the following separate accounts: (a) Project Fund. The Project Fund, into which fund will be deposited proceeds of the Bonds in the amount of $1,139,985.00. Upon issuance of the Bonds, the City shall also deposit into the Project Fund prepaid Housing Fees in the amount of $500,000, which Housing Fees were levied on property within the Housing Improvement Area and were prepaid pursuant to the resolution levying the Housing Fees. Of the total amount deposited in the Project Fund, $44,648.75 will be disbursed to the City to pay the administrative costs of the Housing Improvement Area. The balance of funds in the Project Fund shall be disbursed to pay the costs of the Housing Improvements in accordance with the terms of the Development Agreement, between the City and Westwood Village Association (the "Association"), dated as of June 8, 2009 (the "Development Agreement"), and the Disbursing Agreement between the City, the Association and Commercial Partners Title, LLC, dated as of June 23, 2009. Interest earnings from moneys in the Project Fund shall be credited to the Project Fund. (b) Administration Fund. The Administration Fund, into which fund will be deposited proceeds of the Bonds in the amount of $44,648.75, which amount will be used solely for the purpose of paying costs of issuance of the Bonds. Any balance remaining in the Administration Fund after all disbursements for administrative and issuance expenses shall be transferred to the Project Fund. Interest earnings from moneys in the Administration Fund shall be credited to the Surplus Fund hereafter created. (c) Debt Service Fund. The Debt Service Fund, into which fund will be deposited from Bond proceeds $11,491.51, which represents capitalized interest through March 1, 2010, together with Housing Fees and any deficiency payments received by the City pursuant to Section 6.6 of the Development Agreement in the amount necessary to pay when due the principal and interest on the Bonds. Interest earnings from moneys in the Debt Service Fund shall be credited to the Debt Service Fund. (d) Contingency Fund. The Contingency Fund, into which fund will be deposited proceeds of the Bonds in the amount of $0. Amounts in the Contingency Fund shall be applied and disbursed in accordance with the Development Agreement. (e) Surplus Fund. The Surplus Fund, into which fund will be deposited all Housing Fees in excess of the amounts required to be deposited into the Debt Service Fund and the Project Fund under this Section. Amounts in the Surplus Fund shall be applied and disbursed in accordance with the Development Agreement. Interest earnings from moneys in the Surplus Fund shall be credited to the Surplus Fund. 16 2377798v1