Laserfiche WebLink
Section 00 61 25 RETAINAGE ESCROW AGREEMENT <br /> C. Obligations of any corporation wholly owned by the Government of the United <br /> States; <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 the written request of the ' <br /> Contractor and written approval of the City, provided the City has the staff assistance <br /> and expertise which will permit it to exercise sound judgment in assessing the security. <br /> The City shall consider probable safety, risk to principal, liquidity and any other factor the <br /> City deems reasonable to consider. Nothing herein obligates the City to incur any <br /> expense or charge to assess the appropriateness of a proposed security. The City has <br /> no obligation to consider a proposed security if the City would incur expenses, charges ' <br /> or fees in its assessment of the appropriateness of the security as an investment. If the <br /> proposed security has a maturity date, the security must mature on or before the <br /> Completion Date. The Contractor expressly acknowledges that any investment in <br /> securities involves risks, including, but not limited to, the risks of loss or diminution of <br /> principal and failure to realize anticipated or expected appreciation, dividends, interest, <br /> or other gain. Contractor expressly waives and releases both City and Bank from any <br /> 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 <br /> Check, the Bank shall only have (a)those duties and responsibilities that a depository , <br /> bank would have pursuant to Article 4 of the Uniform Commercial Code of the State of <br /> Washington for an item deposited to Bank and (b) those duties and responsibilities <br /> created by this Agreement. The Bank must not deliver to the Contractor all or any part of <br /> the securities or money held by the Bank pursuant to this Agreement (or any proceeds <br /> from the sale of such securities, or the negotiation of the City's warrants or checks) <br /> except in accordance with written instructions from the City. The City Clerk is authorized <br /> to give written instructions and the Finance Director or Treasurer(or its designee) is <br /> authorized to give written approval of securities. Written instructions and written approval <br /> of securities must be countersigned by the City Attorney. The City may designate <br /> different authorized persons from time to time by notifying the Bank in writing of the <br /> 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 <br /> Bank in writing of any change in the Completion Date. If the changed Completion Date is <br /> later than the original Completion Date, the Bank may reinvest any funds on hand, cash <br /> balances or proceeds of Eligible Securities with maturities, reverse loads, etc. consistent <br /> with the later Completion Date. If the changed Completion Date is earlier than the <br /> original Completion Date, the Bank shall execute such transactions as are commercially <br /> reasonable to liquidate Eligible Securities in the Escrow Account no later than twenty- <br /> five (25) calendar days after the earlier Completion Date. I <br /> City of Everett 00 61 25-2 February 2023 <br /> WPCF TFI Bar Screen Upgrades <br /> UP3770 <br />