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City of Everett 00 61 25 - 1 <br /> <br /> <br />00 61 25 - 1 RETAINAGE ESCROW AGREEMENT <br /> <br /> <br />SECTION 00 6125 - RETAINAGE ESCROW AGREEMENT <br /> <br /> <br /> <br />Project POLICE FACILITIES UPGRADES <br />Contractor <br />Bank <br />RETAINAGE ESCROW AGREEMENT AND INSTRUCTIONS <br /> <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 <br />information in Exhibit A. <br /> <br />2. Check Issuance, Endorsement, and Deposit. From time to time, the City will <br />issue a Check payable to the Bank and Contractor jointly. Contractor expressly <br />authorizes and grants the power to the Bank to endorse the check on its behalf, to <br />negotiate the check, collect the funds represented by the Check, and to deposit the <br />funds so collected into the Escrow Account. These powers shall be deemed to be <br />powers coupled with an interest and shall be irrevocable during the term of this escrow. <br /> <br />3. Investment of Funds. Funds and cash balances in the Escrow Account may be <br />invested in Eligible Securities at the direction of the Contractor. For purchase of Eligible <br />Securities, the Bank may follow the last written direction it received from the Contractor, <br />provided such direction provides for investment in Eligible Securities. The Bank shall <br />not invest any funds, cash balances, or proceeds of sale of Eligible Securities in any <br />securities, bonds or accounts that are not Eligible Securities. Eligible Securities <br />purchased pursuant to this Agreement shall be held by the Bank as custodian as part of <br />this escrow. Eligible Securities shall be held in the Bank’s name. Interest on the <br />purchased Eligible Securities, if any, shall be paid to Contractor when, as and if any <br />accrued interest is received by the Bank. <br /> <br />4. Eligible Securities. The following securities are deemed Eligible Securities, and the <br />Bank may invest funds and cash balances in such securities at the direction of <br />Contractor without further approval of the City, provided that any maturity dates are no <br />later than twenty-five (25) calendar days after the Completion Date and provided they <br />are held in a manner and form that allows Bank alone to liquidate the securities as <br />provided for in the Agreement. <br />A. Bills, certificates, notes or bonds of the United States;