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Section 00 61 25 <br /> Retainage Escrow Agreement <br /> I <br /> Project <br /> Phil Johnson Ballfields Renovation <br /> 111 CITY OF Contractor <br /> Bank <br /> RETAINAGE ESCROW AGREEMENT AND INSTRUCTIONS <br /> 1. Escrow Agreement.The Contractor on a public improvement project for the City exercised its <br /> option pursuant to RCW 60.28.011 (1994)to place Retainage in escrow with the Bank.This Agreement <br /> constitutes both the escrow agreement between the City and Contractor and instructions to the Bank <br /> for handling of the Escrow Account.This Agreement is not effective until (a)the Agreement has been <br /> signed by the Contractor, Bank and City and (b) Contractor, Bank and City have entered the <br /> appropriate information in Exhibit A. <br /> 2. Check Issuance, Endorsement, and Deposit. From time to time,the City will issue a Check payable to <br /> the Bank and Contractor jointly. Contractor expressly authorizes and grants the power to the Bank to <br /> endorse the check on its behalf,to negotiate the check, collect the funds represented by the Check, and <br /> to deposit the funds so collected into the Escrow Account.These powers shall be deemed to be powers <br /> coupled with an interest and shall be irrevocable during the term of this escrow. <br /> 3. Investment of Funds. Funds and cash balances in the Escrow Account may be invested in Eligible <br /> Securities at the direction of the Contractor. For purchase of Eligible Securities,the Bank may follow <br /> the last written direction it received from the Contractor, provided such direction provides for <br /> investment in Eligible Securities.The Bank shall not invest any funds, cash balances, or proceeds of sale <br /> of Eligible Securities in any securities, bonds or accounts that are not Eligible Securities. Eligible <br /> Securities purchased pursuant to this Agreement shall be held by the Bank as custodian as part of this <br /> escrow. Eligible Securities shall be held in the Bank's name. Interest on the purchased Eligible <br /> Securities, if any,shall be paid to Contractor when, as and if any accrued interest is received by the <br /> Bank. <br /> 4. Eligible Securities. The following securities are deemed Eligible Securities, and the Bank may <br /> invest funds and cash balances in such securities at the direction of Contractor without further <br /> approval of the City, provided that any maturity dates are no later than twenty-five (25) calendar <br /> days after the Completion Date and provided they are held in a manner and form that allows Bank <br /> alone to liquidate the securities as provided for in the Agreement. <br /> A. Bills, certificates, notes or bonds of the United States; <br /> B. Other obligations of the United States or its agencies; <br /> C. Obligations of any corporation wholly owned by the Government of the United <br /> iStates; <br /> D. Indebtedness of the Federal National Mortgage Association; <br /> Phil Johnson Ballfields Renovation 1 of 5 <br /> I <br />