Ordinance 1988-94 - Laserfiche WebLink

EXHIBIT A ESCROW AGREEMENT THIS ESCROW AGREEMENT, made and entered into as of the 1st day of February, 1994 (the "Agreement"), by and between the City of Everett, Washington (the "City"), and Key Bank of Washington, Tacoma, Washington(the "Refunding Trustee"); WITNES SETH : WHEREAS, the City, pursuant to Ordinance No. 1505-88 of the City, passed on July 20, 1988, issued and sold its $8,250,000 Limited Tax Levy General Obligation Bonds, 1988 (the "1988 Bonds"), and pursuant to Ordinance No. 1740-90 of the City, passed on October 3, 1990, issued and sold its $2,756,250 Limited Tax Levy General Obligation Bonds, 1990 Series B (the "1990B Bonds"); and 1988-94 WHEREAS, the City by Ordinance No. , passed on January 19, 1994 (the "Bond Ordinance"), has determined to refund the outstanding 1988 Bonds maturing after July 1, 1998 (the "Refunded 1988 Bonds") and to refund the outstanding 1990B Bonds maturing after December 1, 2000 (the "Refunded 1990B Bonds") (collectively, the "Refunded Bonds"), by the issuance of its Limited Tax General Obligation Refunding Bonds, 1994 Series B, in the aggregate principal amount of$5,700,000 (the "Bonds"); and WHEREAS, the City pursuant to the Bond Ordinance has duly authorized the execution and delivery of this Agreement and the irrevocable pledge of the moneys and obligations to be deposited with the Refunding Trustee hereunder to the payment of the Refunded Bonds; NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained, and for the benefit of the owners and holders of the Refunded Bonds, the parties hereto covenant and agree as follows: Section 1. Definitions. Capitalized terms used herein shall have the same meanings set forth in Section 1 of the Bond Ordinance, unless the context clearly indicates otherwise.