Common use of Purchase Fund Clause in Contracts

Purchase Fund. The Trustee shall establish and maintain a separate fund to be known as the “Purchase Fund” into which shall be deposited the net proceeds of the sale of the Bonds pursuant to Section 3.02(a). The Trustee shall use the proceeds of the Bonds to purchase the Local Obligations on the Closing Date. Upon receipt of the Local Obligations, the Trustee shall deposit the Local Obligations in the Revenue Fund.

Purchase Fund. The Trustee shall establish and maintain a separate fund to be known as the “Purchase Fund” into which shall be deposited a portion of the net proceeds of the sale of the Bonds pursuant to Section 3.02(a)3.2(a) hereof. The Trustee shall use the proceeds of the Bonds to purchase the Local Obligations on the Closing Date. Upon receipt ; provided, however, that such Local Obligations may be purchased only if the Trustee has received a certificate of the Local Obligations, Original Purchaser of the Trustee shall deposit Bonds or an Independent Financial Consultant stating that the Local Obligations in Revenues to be available to the Revenue Fund.Trustee,