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"Issuer" means the City of Paris, Texas. <br />"Paying Agents" means the Escrow Agent. <br />"Refunded <br />Sewer System <br />Series 1962, <br />Waterworks <br />Series 1966, <br />hereto. <br />Bonds" means the Issuer's Waterworks and <br />Revenue Bonds, Series 1957, Series 1957-A, <br />Series 1973-A, and <br />and Sewer System Junior <br />all as further described <br />Series 1973-B, and <br />Lien Revenue Bonds, <br />in Exhibit A, attached <br />"Refunding Bonds" means the Issuer's Waterworks and <br />5ewer System Revenue Refunding Bonds, Series 1983. <br />"Refunding Bond Ordinance" means the Issuer's <br />resolution authorizing the issuance, sale and delivery of <br />the Refunding Bonds. <br />Section 1.02. Interpretations. The titles and head- <br />ings of the articles and sections of this Agreement have <br />been inserted for convenience and teference only and are not <br />to be considered a part hereof and shall not in any way <br />modify or restrict the terms hereof. This tkgreement and all <br />of the terms and provisions hereof shall be liberally <br />construed to effectuate the purposes set forth herein and to <br />achieve the intended purpose of providing for the refunding <br />of the Refunded Bonds in accordance with applicable law. <br />ARTICLE II <br />DEPOSIT OF FUNDS AND <br />ESCROWED SECURITIES <br />Section 2.01. De osits in the Escrow Fund. The Issuer <br />has deposited, or caused to be deposited, in the Escrow Fund <br />the following funds and Escrowed Securities: <br />(a) $311,997.81 as the beginning cash balance for <br />the Escrow Fund; <br />(b) the Escrowed Securities described in Exhibit <br />"C" attached hereto. <br />ARTICLE III <br />CREATION AND OPERATION OF ESCROW EUND <br />Section 3.01. Escrow Fund. The Escrow Agent has <br />created on its books a special and irrevocable escrow fund <br />to be known as the City of Paris Waterworks and Sewer System <br />Revenue Refunding Bonds, Series 1983 Escrow Fund (the <br />"Escrow Fund"). The Escrow Agent hereby acknowledges that <br />there has been deposited to the credit of such Escrow Fund <br />the beginning cash balance and the Escrowed Securities as <br />described in Section 2.01. The Escrowed Securities and all <br />proceeds therefrom shall be the property of the Escrow Eund, <br />and shall be applied only in strict conformity with the <br />terms and conditions of this Agreement. All of the Escrowed <br />Securities, all proceeds therefrom and all cash balances <br />from time to time on deposit in the Escrow Fund are hereby <br />irrevocably pledged to the payment of the principal of and <br />interest on the Refunded Bonds, which payment shall be made <br />by timely transfers to the Paying Agents of such amounts at <br />such times as are provided for in Section 3.02 hereof. When <br />the final transfers have been made to the Paying Agents for <br />the payment of such principal of and interest on the Refund- <br />ed Bonds, any balance then remaining in the Escrow Fund <br />shall be transferred to the Issuer, and, after deducting all <br />fees and expenses of the Escrow Agent then due and unpaid <br />hereunder, the Escrow Agent shall thereupon be discharged <br />from any further duties hereunder. <br />3 <br />