Ordinance 2298-98 - Laserfiche WebLink

NOW, THEREFORE, in consideration of the mutual undertakings, promises and agreements herein contained, the sufficiency of which hereby are acknowledged, and to secure the full and timely payment of the principal of and interest on the Refunded Bonds, the City and the Escrow Agent mutually undertake, promise and agree for themselves and their respective representatives and successors, as follows: Article 1. Definitions Section 1.1. Definitions. Unless the context clearly indicates otherwise, the following terms shall have the meanings assigned to them below when they are used in this Agreement: "Escrowed Securities" means the noncallable Government Obligations described in Appendix A attached to this Agreement, or cash or other noncallable obligations substituted therefor pursuant to Section 4.1 of this Agreement. "Government Obligations" means direct, noncallable (a) United States Treasury Obligations, (b)United States Treasury Obligations- State and Local Government Series ("SLGS"), (c) non-prepayable obligations that are unconditionally guaranteed as to full and timely payment of principal and interest by the United States of America or (d) REFCORP debt obligations unconditionally guaranteed by the United States. Securities described in (c) shall be limited to those securities that are defined as government obligations by Section 39.53.010(9), Revised Code of Washington. "Paying Agent" means the fiscal agency of the State of Washington, as the paying agent for the Refunded Bonds. "Refunding Account" means the City of Everett 1998 Water and Sewer Revenue Bond Refunding Account authorized by the Bond Ordinance to be established, held and administered by the Escrow Agent pursuant to the provisions of this Agreement. Section 1.2. Other Definitions. The terms "Agreement," "Bond Ordinance," "Bond," "City," "Escrow Agent," "Verification Report," and "Refunded Bonds," when they are used in this Agreement, shall have the meanings assigned to them in the preamble to this Agreement. All other capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them by the Bond Ordinance. Section 1.3. Interpretations. The titles and headings of the articles and sections of this Agreement have been inserted for convenience and reference only and are not to be considered a part hereof and shall not in any way modify or restrict the terms hereof. This Agreement and all of the terms and provisions A-2 DOTOQ5 DOC 98/04/28