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<br /> <br />City of Everett 00 61 25-1 June 2024 <br />WFP Air Scour Blower Building Replacement Issued for Bid <br />UP3813 <br />SECTION 00 61 25 <br />RETAINAGE ESCROW AGREEMENT <br /> <br /> <br /> <br />Project WFP Air Scour Blower Building Replacement <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 exercised <br />its option pursuant to RCW 60.28.011 to place Retainage in escrow with the Bank. This <br />Agreement constitutes both the escrow agreement between the City and Contractor and <br />instructions to the Bank for handling of the Escrow Account. This Agreement is not effective <br />until (a) the Agreement has been signed by the Contractor, Bank and City and (b) <br />Contractor, Bank and City have entered the appropriate information in Exhibit A. <br />2. Check Issuance, Endorsement, and Deposit. From time to time, the City will issue a <br />Check payable to the Bank and Contractor jointly. Contractor expressly authorizes and <br />grants the power to the Bank to endorse the check on its behalf, to negotiate the check, <br />collect the funds represented by the Check, and to deposit the funds so collected into the <br />Escrow Account. These powers shall be deemed to be powers coupled with an interest and <br />shall be irrevocable during the term of this escrow. <br />3. Investment of Funds. Funds and cash balances in the Escrow Account may be invested in <br />Eligible Securities at the direction of the Contractor. For purchase of Eligible Securities, the <br />Bank may follow the last written direction it received from the Contractor, provided such <br />direction provides for investment in Eligible Securities. The Bank shall not invest any funds, <br />cash balances, or proceeds of sale of Eligible Securities in any securities, bonds or <br />accounts that are not Eligible Securities. Eligible Securities purchased pursuant to this <br />Agreement shall be held by the Bank as custodian as part of this escrow. Eligible Securities <br />shall be held in the Bank’s name. Interest on the purchased Eligible Securities, if any, shall <br />be paid to Contractor when, as and if any accrued interest is received by the Bank. <br />4. Eligible Securities. The following securities are deemed Eligible Securities, and the Bank <br />may invest funds and cash balances in such securities at the direction of Contractor without <br />further approval of the City, provided that any maturity dates are no later than twenty-five <br />(25) calendar days after the Completion Date and provided they are held in a manner and <br />form that allows Bank alone to liquidate the securities as provided for in the Agreement. <br />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 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 fund, pool or <br />trust consists solely of securities listed in herein.