accounts. A. The proceeds derived from the issuance of refunding bonds pursuant to the provisions of the General Obligation Public Securities Refunding Act, together with other legally available funds, if any, of the public body, shall either be immediately applied to the payment or redemption and retirement of the obligations to be refunded and the cost and expense incident to such procedure or shall be placed in escrow or trust to be applied for the purposes and in the manner required or permitted pursuant to the provisions of the General Obligation Public Securities Refunding Act as the governing body may determine. B. Any accrued interest and any premium appertaining to a sale of refunding bonds may be: 1. applied to the payment of the interest thereon or the principal thereof, or to both interest and principal; or 2. used to pay refunded obligations by deposit in the escrow or trust account, or otherwise; or 3. used for any combination thereof or any lawful purpose of the public body, as the governing body may determine. C. For the purpose of implementing the provisions of the General Obligation Public Securities Refunding Act, the governing body shall have the power to enter into escrow agreements and to establish escrow or trust accounts with any qualified escrow agent under protective covenants and agreements whereby such accounts shall be fully secured as provided for in Section 7 of this act.
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