Laserfiche WebLink
Article 2. Deposit of Funds and Escrowed Securities <br /> Section 2.1. Deposits in the Escrow Fund. <br /> Concurrently with the sale and delivery of the Bonds the City shall deposit, or cause to be <br /> deposited, with the Escrow Agent, for deposit in the Escrow Fund, the funds (from the proceeds <br /> of the Bonds and a cash contribution by the City) sufficient to purchase the Escrowed Securities <br /> described in Exhibit D attached hereto, and the Escrow Agent shall, upon the receipt thereof, <br /> acknowledge such receipt to the City in writing. <br /> Article 3. Creation and Operation of Escrow Fund <br /> Section 3.1. Escrow Fund. <br /> The Escrow Agent has created on its books a special trust fund and irrevocable escrow to <br /> be known as the Refunding Account (the "Escrow Fund"). The Escrow Agent hereby agrees that <br /> upon receipt thereof it will deposit to the credit of the Escrow Fund the funds and the Escrowed <br /> Securities described in Exhibit D attached hereto. Such deposit, all proceeds therefrom, and all <br /> cash balances from time to time on deposit therein (a) shall be the property of the Escrow Fund, <br /> (b) shall be applied only in strict conformity with the terms and conditions of this Agreement, <br /> and (c) are hereby irrevocably pledged to the payment of the principal of and interest on the <br /> Refunded Bonds, which payment shall be made by timely transfers of such amounts at such times <br /> as are provided for in Section 3.2 hereof. When the final transfers have been made for the <br /> payment of such principal of and interest on the Refunded Bonds, any balance then remaining in <br /> the Escrow Fund shall be transferred to the City, and the Escrow Agent shall thereupon be <br /> discharged from any further duties hereunder. <br /> Section 3.2. Payment of Principal and Interest. <br /> The Escrow Agent is hereby irrevocably instructed to transfer to the Paying Agent from <br /> the cash balances from time to time on deposit in the Escrow Fund, the amounts required to pay <br /> the principal of the Refunded Bonds at their respective redemption dates and interest thereon to <br /> such redemption dates in the amounts and at the times shown in Exhibit C attached hereto. <br /> A-3 P:\20287 CMVV\20287 9RD 5/4/2012 <br />