CCSD BOA REVI ARD OF TR ISED AGEN RUSTEES NDA

ARTICLE VI
DISPOSITION OF PROCEEDS OF SALE OF NOTES
Section 6.01
Disposition of Series 2016A Note Proceeds Including Temporary Investments.
The proceeds derived from the sale of the Series 2016A Notes shall be expended and made use of
by the Board as follows:
(a) the amounts determined by the Superintendent or the Chief Financial Officer, upon the
advice of the Financial Advisor to the District, to be sufficient, including investment earnings thereon, to
allow the District to make payments of purchase price due to the Trustee on May 17, 2016 as to the 2004
Facilities Agreement, as amended and supplemented by the 2013A Supplemental Facilities Agreement,
the 2013B Facilities Agreement and the 2014 Facilities Agreement shall be paid to and held by the
Trustee, invested in Government Obligations or held as cash, for the payment of purchase price so due;
(b) the remaining proceeds shall be expended and made use of by the Board to defray the
costs of the Improvements, as defined in Section 1.01 herein, including reimbursement of the District for
expenditures previously incurred by the District in connection with the Improvements as permitted by the
Code, and to pay the costs of issuing the Series 2016A Notes. Pending the use of such portion of the
Series 2016A Note proceeds, the same shall be invested and reinvested in Authorized Investments. All
earnings from such investments shall be applied to the cost of the Improvements; and
(c) if any balance remains, it shall be held in a special fund and used to effect the retirement
of the Series 2016A Notes authorized by this Resolution or to the payment of a portion of the purchase
price of the 2004 Facilities, the Amended 2005 Facilities or the Amended 2006 Facilities, or, if so
provided by resolution of the Board, to defray the cost of additional improvements to the facilities of the
District.
Provided, that neither the purchaser nor any Holder of the Series 2016A Notes shall be liable for
the proper application of the proceeds thereof.
Section 6.02
Disposition of Series 2016B Note Proceeds Including Temporary Investments.
The proceeds derived from the sale of the Series 2016B Notes shall be expended and made use of
by the Board to pay the principal and interest due on the Series 2015B Note at maturity and to pay the
cost of issuing the Series 2016B Notes. Pending the use of Series 2016B Note proceeds, the same shall
be invested and reinvested in Authorized Investments. All earnings from such investments shall be
applied to the cost of the Sales Tax Projects – Phase III.
Provided, that neither the purchaser nor any Holder of the Series 2016B Notes shall be liable for
the proper application of the proceeds thereof.
Section 6.03
Disposition of Series 2016C Note Proceeds Including Temporary Investments.
The proceeds derived from the sale of the Series 2016C Notes shall be expended and made use of
by the Board to pay the principal and interest due on the Series 2015C Note at maturity, to defray a
portion of the costs of the construction, renovation and equipping of the Sales Tax Projects - Phase IV,
including reimbursement of the District for expenditures previously incurred by the District in connection
with the Sales Tax Projects - Phase IV as permitted by the Code, and to pay the cost of issuing the Series
2016C Notes. Pending the use of Series 2016C Note proceeds, the same shall be invested and reinvested
23
2/22/16 Board Agenda Agenda Item 9.5B
(A&F D-IX)
Page 29 of 49