Laserfiche WebLink
I <br />intended purpose of providing for the refunding of the Refunded Bonds in accordance with <br />applicable law. <br />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 <br />times 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 Refinided 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 />64A_3 p:\20287_CMW120287_9RC 01/02/13 <br />