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City of Everett 00 6125 - 1 <br /> 2019 Biosolids Removal UT3705-2 <br /> ' SECTION 00 6125 - RETAINAGE ESCROW AGREEMENT <br /> Project 2019 Biosolids Removal <br /> Contractor <br /> CITY OF <br /> Bank <br /> I <br /> RETAINAGE ESCROW AGREEMENT AND INSTRUCTIONS <br /> 1. Escrow Agreement. The Contractor on a public improvement project for the City exercised <br /> its option pursuant to RCW 60.28.011 (1994)to place Retainage in escrow with the Bank. This <br /> Agreement constitutes both the escrow agreement between the City and Contractor and <br /> instructions to the Bank for handling of the Escrow Account. This Agreement is not effective <br /> until (a) the Agreement has been signed by the Contractor, Bank and City and (b) Contractor, <br /> Bank and City have entered the appropriate information in Exhibit A. <br /> 2. Check Issuance, Endorsement, and Deposit. From time to time, the City will issue a Check <br /> payable to the Bank and Contractor jointly. Contractor expressly authorizes and grants the <br /> power to the Bank to endorse the check on its behalf, to negotiate the check, collect the funds <br /> represented by the Check, and to deposit the funds so collected into the Escrow Account. These <br /> powers shall be deemed to be powers coupled with an interest and shall be irrevocable during the <br /> term of this escrow. <br /> 3. Investment of Funds. Funds and cash balances in the Escrow Account may be invested in <br /> Eligible Securities at the direction of the Contractor. For purchase of Eligible Securities, the <br /> ' Bank may follow the last written direction it received from the Contractor, provided such <br /> direction provides for investment in Eligible Securities. The Bank shall not invest any funds, <br /> cash balances, or proceeds of sale of Eligible Securities in any securities, bonds or accounts that <br /> are not Eligible Securities. Eligible Securities purchased pursuant to this Agreement shall be <br /> held by the Bank as custodian as part of this escrow. Eligible Securities shall be held in the <br /> Bank's name. Interest on the purchased Eligible Securities, if any, shall be paid to Contractor <br /> when, as and if any accrued interest is received by the Bank. <br /> 4. Eligible Securities. The following securities are deemed Eligible Securities, and the Bank <br /> may invest funds and cash balances in such securities at the direction of Contractor without <br /> further approval of the City, provided that any maturity dates are no later than twenty-five (25) <br /> calendar days after the Completion Date and provided they are held in a manner and form that <br /> allows Bank alone to liquidate the securities as provided for in the Agreement. <br /> A. Bills, certificates, notes or bonds of the United States; <br /> 00 6125 - 1 RETAINAGE ESCROW AGREEMENT <br />