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COSTS OF ISSUANCE AGREEMENT <br />CITY OF EVERETT, WASHINGTON <br />WATER AND SEWER REVENUE REFUNDING BONDS, 2013 <br />THIS COSTS OF ISSUANCE AGREEMENT, dated as of February 2013 (herein, <br />together with any amendments or supplements hereto, called the "Agreement"), is entered into <br />by and between the City of Everett, Washington, (herein called the "City") and U.S. Bank <br />National Association, Seattle, Washington, as Escrow Agent (herein, together with any successor <br />in such capacity, called the "Escrow Agent"). <br />3 <br />WITNESSETH: <br />WHEREAS, pursuant to Ordinance No. passed on January 23, 2013 (the "Bond <br />Ordinance"), the City has determined to issue its Water and Sewer Revenue Refunding Bonds, <br />2013 (the "Bonds"); and <br />WHEREAS, simultaneously herewith, the City is entering into an Escrow Deposit <br />Agreement, dated February _, 2013 under which the Escrow Agent will hold invested proceeds <br />of the Bonds in order to pay and redeem the refunded bonds under the terms set forth therein; <br />and <br />WHEREAS, certain proceeds of the Bonds will be delivered to the Escrow Agent on the <br />date of issuance of the Bonds that are required to be disbursed to pay costs of issuance of the <br />Bonds; and <br />WHEREAS, the Escrow Agent has agreed, without additional compensation to disburse <br />the Bond proceeds received to pay costs of issuance under the terms of this Agreement; <br />Section 1. Deposit in the Costs of Issuance Fund. <br />The Escrow Agent has created on.its books a special trust fund and escrow fund to be <br />known as the Costs of Issuance Fund. The Escrow Agent agrees that upon receipt it will deposit <br />to the credit of the Costs of Issuance Fund Account the sum of $ to pay those costs <br />of issuance set forth on Exhibit A. Such deposit, all proceeds therefrom, and all cash balances on <br />deposit therein shall be the property of the Costs of Issuance Fund to pay those costs of issuance <br />set forth on Exhibit A upon receipt of invoices. If any of the $ deposit allocated for <br />costs of issuance for the Bonds remains unspent on April _, 2013, the Escrow Agent shall <br />transfer such unspent amount to the City, and this Agreement shall be deemed fully performed <br />and terminated. <br />85 <br />