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EXHIBIT A <br /> ESCROW AGREEMENT <br /> THIS ESCROW AGREEMENT, made and entered into as of the day of May, <br /> 1998 (the "Agreement"), by and between the City of Everett, Washington (the "City"), and <br /> , Washington (the "Escrow Agent"); <br /> WITNES SETH : <br /> WHEREAS, the City, pursuant to Ordinance No. 1433-88 of the City, passed on <br /> January 13, 1988, issued and sold its Water and Sewer Revenue and Refunding Bonds, 1988 (the <br /> "1988 Bonds"); and <br /> WHEREAS, the City by Ordinance No. , passed on April 22, 1998 (the "Bond <br /> Ordinance"), has determined to refund the outstanding 1988 Bonds maturing on July 1 in 1999 <br /> and 2000 (the "Refunded Bonds"), by the issuance of its Water and Sewer Revenue Refunding <br /> Bond, 1998 (the "Bond"); and <br /> WHEREAS, the Escrow Agent has reviewed the Bond Ordinance and this Agreement, <br /> and is willing to serve as Escrow Agent hereunder; and <br /> WHEREAS, , , Certified Public Accountants, of <br /> Seattle, Washington, have prepared a verification report dated May_, 1998 (the "Verification <br /> Report") relating to the source and use of funds available to accomplish the refunding of the <br /> Refunded Bonds, the investment of such funds and the adequacy of such funds and investments <br /> to provide for the payment of the debt service due on the Refunded Bonds; and <br /> WHEREAS, the City by the Bond Ordinance has duly authorized the execution and <br /> delivery of this Agreement and has designated the Refunded Bonds for redemption prior to their <br /> scheduled maturity dates; and <br /> WHEREAS, the City desires that, concurrently with the delivery of the Bond to the <br /> purchaser thereof, the proceeds of the Bond, together with certain other available funds of the <br /> County, shall be applied to purchase certain direct obligations of the United States of America <br /> hereinafter defined as the "Escrowed Securities" for deposit to the credit of the Refunding <br /> Account created pursuant to the terms of this Agreement and to establish a beginning cash <br /> balance (if needed) in such Refunding Account; and <br /> WHEREAS, the Escrowed Securities shall mature and the interest thereon shall be <br /> payable at such times and in such amounts so as to provide money that, together with cash <br /> balances from time to time on deposit in the Refunding Account, will be sufficient to pay: <br /> (a) the redemption price (100% of the principal amount) payable on <br /> July 1, 1998, of the Refunded 1988 Bonds; <br /> A-1 DOTOQ5 DOC 98/04!28 <br />