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City of Everett 00 61 25 -2 <br /> Fire Administration Building Tenant Improvements 18-1080 <br /> D. Indebtedness of the Federal National Mortgage Association; <br /> E. Time deposits in commercial banks; and <br /> F. Mutual funds, pools, or investment trusts,provided the investments of the fund, <br /> pool or trust consists solely of securities listed in herein. <br /> Other securities may be deemed Eligible Securities upon written the written request of the <br /> Contractor and written approval of the City,provided the City has the staff assistance and <br /> expertise which will permit it to exercise sound judgment in assessing the security. The City <br /> shall consider probable safety, risk to principal, liquidity and any other factor the City deems <br /> reasonable to consider. Nothing herein obligates the City to incur any expense or charge to <br /> assess the appropriateness of a proposed security. The City has no obligation to consider a <br /> proposed security if the City would incur expenses, charges or fees in its assessment of the <br /> appropriateness of the security as an investment. If the proposed security has a maturity date, the <br /> security must mature on or before the Completion Date. The Contractor expressly <br /> acknowledges that any investment in securities involves risks, including, but not limited to, the <br /> risks of loss or diminution of principal and failure to realize anticipated or expected appreciation, <br /> dividends, interest, or other gain. Contractor expressly waives and releases both City and Bank <br /> from any and all liability associated with, or arising out of, these and all market risks. <br /> 5. Bank Duties and Responsibilities. Although the Bank will be a joint payee of any Check, the <br /> Bank shall only have (a) those duties and responsibilities that a depository bank would have <br /> pursuant to Article 4 of the Uniform Commercial Code of the State of Washington for an item <br /> deposited to Bank and (b)those duties and responsibilities created by this Agreement. The <br /> Bank must not deliver to the Contractor all or any part of the securities or money held by the <br /> Bank pursuant to this Agreement (or any proceeds from the sale of such securities, or the <br /> negotiation of the City's warrants or checks) except in accordance with written instructions from <br /> the City. The City Clerk is authorized to give written instructions and the Finance Director or <br /> Treasurer(or its designee) is authorized to give written approval of securities. Written <br /> instructions and written approval of securities must be countersigned by the City Attorney. The <br /> City may designate different authorized persons from time to time by notifying the Bank in <br /> writing of the change,which notice must be countersigned by the City Attorney. <br /> 6. Change of Completion Date. Upon written request by the Bank,City shall advise the Bank <br /> in writing of any change in the Completion Date. If the changed Completion Date is later than <br /> the original Completion Date, the Bank may reinvest any funds on hand, cash balances or <br /> proceeds of Eligible Securities with maturities, reverse loads, etc. consistent with the later <br /> Completion Date. If the changed Completion Date is earlier than the original Completion Date, <br /> the Bank shall execute such transactions as are commercially reasonable to liquidate Eligible <br /> Securities in the Escrow Account no later than twenty-five(25) calendar days after the earlier <br /> Completion Date. <br /> 7. Return of Funds to City. At the City's sole option and notwithstanding any other provision <br /> of this Agreement,the City may direct the Bank in writing to liquidate any and all Eligible <br /> Securities held in or for the Escrow Account and to deliver all funds,cash, accrued interest and <br /> proceeds in the Escrow Account to the City. Such liquidation shall occur within thirty-five(35) <br /> 00 61 25- 2 RETAINAGE ESCROW AGREEMENT <br />