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any and all bids. Subject to the provisions of Section 3 hereof, without further action of the Council, the Bonds shall bear interest at the rates per annum as specified in the contract or contracts approved or in the bid or bids accepted. The Director of Finance and all officials of the County are hereby authorized to take such action and execute such orders, receipts and other documents as may be necessary in order to effectuate the sale of the Bonds or any portion thereof, and, if any contract therefor be approved or any bid therefor be accepted, the preparation, execution, and delivery thereof, in accordance with the provisions hereof and applicable law. Subsequent to the sale of any of the Bonds, the Director of Finance shall report the results of such sale to the Council by letter. From and after the date the Director of Finance shall have accepted a bid for a series of Bonds, or shall have entered into a negotiated contract for the sale and purchase of a series of Bonds, the Council will take no action to modify, supplement, amend or repeal the provisions of this ordinance in a manner which would have an adverse effect on the ability of the County to perform its obligations under such accepted bid or contract. SECTION 8. Application of Bond Proceeds. The proceeds of the Bonds of a series are hereby irrevocably appropriated for the purposes set forth herein, and such proceeds, together with other funds of the County which are legally available therefor, shall be deposited as determined by the Director of Finance and applied as directed by the Director of Finance: (a) to the payment of the accrued interest (if any) on such Bonds to the date of delivery thereof and payment therefore; (b) to pay the principal of, premium (if any) and interest on the Prior Obligations to be refunded; and (c) to pay the costs of issuing the Bonds and refunding the Prior Obligations, including without limitation the initial fees of the paying agents and registrars, the fees of any financial consultants and bond counsel, the underwriter's discount or fee, rating agency fees, escrow agent fees, fees for verification of refunding calculations, the costs of preparation of any official statements, notices or sale and definitive bonds, and any costs of publications required by law. Pending the time the proceeds of the Bonds of a series are required to pay the principal of, premium (if any) and interest on the Prior Obligations as provided in subsection (b) above, such proceeds, together with other funds of the County which are legally available therefor, may be held 6