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A. Bills, certificates, notes or bonds of the United States; <br />B. Other obligations of the United States or its agencies; <br />C. Obligations of any corporation wholly owned by the Government of the <br />United 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 <br />fund, 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 <br />the 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 <br />of the securities or money held by the Bank pursuant to this Agreement (or any <br />proceeds from the sale of such securities, or the negotiation of the City's warrants or <br />checks) except in accordance with written instructions from the City. The City Clerk is <br />authorized to give written instructions and the Finance Director or Treasurer (or its <br />designee) is authorized to give written approval of securities. Written instructions and <br />written approval of securities must be countersigned by the City Attorney. The City may <br />designate different authorized persons from time to time by notifying the Bank in writing <br />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 <br />the Bank in writing of any change in the Completion Date. If the changed Completion <br />Date is later than the original Completion Date, the Bank may reinvest any funds on <br />hand, cash balances or proceeds of Eligible Securities with maturities, reverse loads, <br />etc. consistent with the later Completion Date. If the changed Completion Date is <br />earlier than the original Completion Date, the Bank shall execute such transactions as <br />are commercially reasonable to liquidate Eligible Securities in the Escrow Account no <br />later than twenty-five (25) calendar days after the earlier Completion Date. <br />Reservoir 3 Replacement Phase 1 <br />Work Order No. UP3739 00 61 25 <br />RETAINAGE ESCROW AGREEMENT March 2024 <br />