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' SECTION 00 61 25 <br /> RETAINAGE ESCROW AGREEMENT <br /> Project: WPCF TFI Bar Screen Upgrades <br /> Contractor: <br /> CITY OF <br /> ' Bank: <br /> RETAINAGE ESCROW AGREEMENT AND INSTRUCTIONS <br /> 1. Escrow Agreement. The Contractor on a public improvement project for the City <br /> exercised its option pursuant to RCW 60.28.011 to place Retainage in escrow with the <br /> Bank. This Agreement constitutes both the escrow agreement between the City and <br /> Contractor and instructions to the Bank for handling of the Escrow Account. This <br /> Agreement is not effective until (a) the Agreement has been signed by the Contractor, <br /> Bank and City and (b)Contractor, Bank and City have entered the appropriate information <br /> in Exhibit A. <br /> 2. Check Issuance, Endorsement, and Deposit. From time to time, the City will issue a <br /> Check payable to the Bank and Contractor jointly. Contractor expressly authorizes and <br /> grants the power to the Bank to endorse the check on its behalf, to negotiate the check, <br /> collect the funds represented by the Check, and to deposit the funds so collected into the <br /> Escrow Account. These powers shall be deemed to be powers coupled with an interest <br /> and shall be irrevocable during the term of this escrow. <br /> 3. Investment of Funds. Funds and cash balances in the Escrow Account may be invested <br /> in Eligible Securities at the direction of the Contractor. For purchase of Eligible Securities, <br /> the Bank may follow the last written direction it received from the Contractor, provided <br /> such direction provides for investment in Eligible Securities. The Bank shall not invest any <br /> funds, cash balances, or proceeds of sale of Eligible Securities in any securities, bonds or <br /> ' accounts that are not Eligible Securities. Eligible Securities purchased pursuant to this <br /> Agreement shall be held by the Bank as custodian as part of this escrow. Eligible <br /> Securities shall be held in the Bank's name. Interest on the purchased Eligible Securities, <br /> if any, shall be paid to Contractor when, as and if any accrued interest is received by the <br /> Bank. <br /> 4. Eligible Securities. The following securities are deemed Eligible Securities, and the Bank <br /> 1 may invest funds and cash balances in such securities at the direction of Contractor <br /> without further approval of the City, provided that any maturity dates are no later than <br /> twenty-five (25) calendar days after the Completion Date and provided they are held in a <br /> manner and form that allows Bank alone to liquidate the securities as provided for in the <br /> Agreement. <br /> ' A. Bills, certificates, notes or bonds of the United States; <br /> B. Other obligations of the United States or its agencies; <br /> ' City of Everett 00 69 25-1 February 2023 <br /> WPCF TFI Bar Screen Upgrades <br /> UP3770 <br />