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83-023 RES CERTIFICATE FOR RESOLUTION
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83-023 RES CERTIFICATE FOR RESOLUTION
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11/27/2017 4:24:27 PM
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CITY CLERK
CITY CLERK - Date
5/31/1983
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The Escrow Agent, in its capacity as agent for the <br />i6other Paying Agents, further agrees that such portion of the <br />!Escrow Fund, together with the proceeds thereof, required to <br />3provide for timely payments of principal of and interest on <br />ithe Refunded Bonds shall be held in the Escrow Fund for and <br />'on behalf of the other Paying Agents and shall be made <br />~available to the other Paying Agents to make such timely <br />;payments of principal and interest on the Refunded Bonds. <br />; <br />' Section 3.02. Payment of Principal and Interest. The <br />Escrow Agent is hereby irrevocably instructed to transfer to <br />the Paying Agents for the Refunded Bonds from the cash <br />balances from time to time on deposit in the Escrow Fund, <br />the amounts required to pay the principal of and interest on <br />the Refunded Bonds in the amounts and at the times snown in <br />Exhibit B attached hereto. <br />; Section 3.03. Sufficiency of Escrow Fund. The Issuer <br />`represents that the successive receipts of the principal of <br />and interest on the Escrowed Securities will assure that the <br />cash balance on deposit from time to time in the Escrow Fund <br />~will be at all times sufficient to provide moneys for <br />;transfer to the Paying Agents at the times and in the <br />3amounts required to pay the interest on the Refunded Bonds <br />ias such interest comes due and the principal of the Refunded <br />;Bonds as the Refunded Bonds mature or are redeemed prior to <br />jtheir maturity, all as more fully set forth in Exhibit B <br />lattached hereto. If, for any reason, at any time, the cash <br />~balances on deposit or scheduled to be on deposit in the <br />"Escrow Eund shall be insufficient to transfer the amounts <br />~required by the Paying Agents to make the payments set forth <br />jin Section 3.02 hereof, the Issuer shall timely deposit in <br />;the Escrow Fund, from lawfully available funds, additional <br />~funds in the amounts reguired to make such payments. Notice <br />!of any such insufficiency shall be given promptly as <br />hereinafter provided, but the Escrow Agent shall not in any <br />manner be responsible for any insufficiency of funds in the <br />Escrow Fund or the Issuer's failure to make additional <br />deposits thereto. <br />Section 3.04. Escrow Fund. The Escrow Agent shall <br />hold at all times the Escrow Fund, the Escrowed Securities <br />and all other assets of such Fund, wholly segregated from <br />all other funds and securities on deposit with the Escrow <br />Agent; it shall never allow the Escrowed Securities or any <br />other assets of the Escrow Fund to be commingled with any <br />other funds or securities of the Escrow Agent; and it shall <br />hold and dispose of the assets of the Escrow Fund only as <br />set forth herein. The Escrowed Securities and other assets <br />of the Escrow Fund shall always be maintained by the Escrow <br />Agent as escrow funds for the benefit of the holders of the <br />Refunded Bonds; and a special account thereof shall at all <br />times be maintained on the books of the Escrow Agent. The <br />holders of the Refunded Bonds shall be entitled to the same <br />preferred claim and first lien upon the Escrowed Securities, <br />the proceeds thereof and all other assets of the Escrow Fund <br />to which they were entitled as holders of the Refunded <br />Bonds. The amounts received by the Escrow Agent under this <br />Agreement shall not be considered as a banking deposit by <br />the Issuer, and the Escrow Agent shall have no right to <br />title with respect thereto except in its capacity as Escrow <br />Agent under the terms of this Agreement. The amounts <br />received by the Escrow Agent under this Agreement shall not <br />be subject to warrants, drafts or checks drawn by the Issuer <br />or, except to the extent expressly herein provided, by the <br />Paying Agents. <br />Section 3.05. Security for Cash Balances. Cash <br />balances from time to time on deposit in the Escrow Fund <br />shall, to the extent not insured by the Federal Deposit <br />Insurance Corporation or its successor, be continuously <br />secured by a pledge of direct obligations of, or obligations <br />4 <br />
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