Ordinance 1963-93 - Laserfiche WebLink

EXHIBIT A ESCROW AGREEMENT THIS AGREEMENT, made and entered into as of the 1st day of November, 1993, by and between the City of Everett, Washington (the "City"), and Seattle, Washington (the "Refunding Trustee"); WITNES SETH : WHEREAS, the City, pursuant to Ordinance No. 1433-88, passed on January 13, 1988, issued and sold its $41,945,000 Water and Sewer Revenue 1993 Bonds (the "1988 Bonds"), which Bonds are outstanding in the aggregate principal amount of$41,945,000; and WHEREAS, the City by Ordinance No. , passed on 1993 (the "Bond Ordinance"), has determined to refund the outstanding 1988 Bonds maturing on and after July 1, 2001 and $845,000 of such Bonds maturing on July 1, 2000 (the "Refunded 1988 Bonds") by the issuance of its Water and Sewer Revenue 1993 Bonds in the aggregate principal amount of$ (the "1993 Bonds"); and WHEREAS, the City has, pursuant to the Bond Ordinance, duly and validly authorized the execution and delivery of the 1993 Bonds in a single issue of bonds designated "City of Everett, Water and Sewer Revenue Bonds, 1993" (the "1993 Bonds") issued in the aggregate principal amount of$ ; 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 1988 Bonds; NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained, and for the benefit of the owners and holders of the Refunded 1988 Bonds, the parties hereto covenant and agree as follows: