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MI <br />3 <br />4 <br />5 <br />6 <br />7) <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />Acquisition Bonds (and to transfer additional amounts of 1989 Multiple Project <br />Revenue Bond proceeds) if and to the extent required to complete the financing <br />of costs of construction and acquisition of the Authority's rights and interest <br />in the Mead -Phoenix Project. The proceeds from the sale of the Acquisition Bonds <br />hereby authorized are to be used for the financing of costs of construction and <br />acquisition of the Authority's rights and interest in the Mead -Phoenix Project, <br />including interest on such Bonds and deposits to reserves. The Acquisition Bonds <br />hereby authorized, and premium and interest thereon, are to be payable from, and <br />secured by, funds held in trust for the benefit of the holders of Acquisition <br />Bonds and from revenues of the Authority from the Mead -Phoenix Project, including <br />payments received by the Authority from the Mead -Phoenix Project Participants <br />under the Mead -Phoenix Project Transmission Service Contracts. <br />2. The issuance and sale by the Authority, from time to time, in <br />one or more installments, of its Refunding Bonds with respect to the Mead -Phoenix <br />Project is hereby authorized. The estimated maximum aggregate principal amount <br />of such Refunding Bonds with respect to the Mead -Phoenix Project outstanding at <br />any one time in accordance with their terms shall be an amount equal to the same <br />of (i) $150,000,000, being the estimated maximum aggregate principal amount of <br />Acquisition Bonds issued and to be issued for the financing of costs of <br />construction and acquisition of the Authority's rights and interest in the Mead - <br />Phoenix Project plus (ii) the principal amount of any additional Acquisition <br />Bonds issued to complete the financing of costs of construction and acquisition <br />of the Authority's rights and interests in the Mead -Phoenix Project, plus (iii) <br />such additional amounts, if any, as are permitted by Section 6577 or Section <br />53580 et sec. of the Government code of the State of California or other <br />applicable law. Notwithstanding such estimated maximum aggregate principal <br />5 <br />