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escrow account pursuant to Chapter 38 , Laws of 1970, amending RCW <br /> 60 . 28 . 010, 60. 28 . 020 and 60. 28 . 050 to be held in Qualified <br /> Investments and disposed of by the Trustee at the direction of the <br /> City in accordance with the instructions and conditions set forth <br /> in the Construction Contract. <br /> (d) $ shall be held for payment of punch list <br /> items to be released at the direction of the City in accordance <br /> with the instructions and conditions set forth in the Construction <br /> Contract. <br /> (e) The remaining $ shall be applied to pay <br /> Capitalized Financing Costs, if any, as set forth in Exhibit D <br /> hereto. <br /> ARTICLE III <br /> AUTHORIZATION OF CERTIFICATES <br /> Section 3 . 01. Authorization of Certificates. Pursuant to <br /> this Trust Agreement, Underwriter authorizes and directs the <br /> Trustee to issue one series of Certificates in an aggregate <br /> principal amount equal to the outstanding principal balance of all <br /> Lease Payments due or to become due under the Lease ($1, 500, 000) <br /> and to act as Paying Agent and Registrar of the Certificates. Each <br /> Certificate shall evidence an undivided proportionate ownership <br /> interest in all right, title and interest of Lessor in the <br /> principal and interest components of the Lease Payments. The <br /> Certificates shall be issued in fully-registered form; shall be <br /> dated as of March 1, 1992 ; shall be in denominations representing <br /> $5, 000 increments of the principal component of such Lease Payments <br /> or any integral multiple thereof, except that no Certificate shall <br /> represent more than one principal maturity; shall be numbered <br /> separately in such manner and with any additional designation as <br /> the Trustee or its agent deems necessary for purposes of iden- <br /> tification. The principal components of the Lease Payments, as <br /> represented by the Certificates, shall be in such amounts, shall <br /> bear interest at such rates (calculated on a 360-day year of twelve <br /> 30-day months) payable on each Interest Payment Date, and shall be <br /> due on March 1 of such years as set forth below: <br /> Maturity Year Principal Interest <br /> (March 1) Amounts Rates <br /> 1993 $ 95, 000. 00 <br /> 1994 100, 000. 00 <br /> 1995 100, 000. 00 <br /> 1996 105, 000. 00 <br /> 1997 115, 000. 00 <br /> 1998 120, 000. 00 <br /> C-8 KR173 92/01/27 <br />