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<br />e <br /> <br />Dra~dated 6-24-85 <br /> <br />SPECIAL ESCROW AGREEMENT <br /> <br />THIS SPECIAL ESCROW AGREEMENT (the "Escrow Agreement") <br />is made and entered into as of July 15, 1985, by and between <br />the City of La Porte, Texas (the "City") and First City <br />National Bank of Houston, a national banking association <br />having its principal corporate trust office in Houston, <br />Texas, as escrow agent (together with any successor or <br />assign in such capacity, the "Escrow Agent") . <br /> <br />WHEREAS, the City has heretofore authorized and de- <br />livered, and there is currently outstanding, the following <br />series or issue of bonds, to-wit: <br /> <br />City of La Porte, Texas, Waterworks and Sewer <br />System Revenue Bonds, Series 1965, dated March 15, <br />1965, issued in the original aggregate principal <br />amoUnt of $300,000, of which $75,000 principal <br />amount is presently outstanding (the "Defeased <br />Bonds"); <br /> <br />and <br /> <br />WHEREAS, moneys held in the City's interest and sinking <br />fund, reserve fund and contingency fund for the Defeased <br />Bonds are more than adequate to provide for the full payment <br />when due of the principal of and interest on the Defeased <br />Bonds and the City Council of the City has determined, and <br />hereby determines, that it would be advantageous to the City <br />to provide firm banking and financial arrangements for the <br />timely payment in full of the principal of and interest on <br />the Defeased Bonds so that they will not be regarded as <br />outstanding as a matter of law; and <br /> <br />WHEREAS, the Escrow Agent is the paying agent for the <br />Defeased Bonds, and the City Council of the City has deter- <br />mined to effectuate the defeasance of the Defeased Bonds <br />pursuant to this Escrow Agreement, under which provision is <br />made for the safekeeping, investment, reinvestment, admini- <br />stration and disposition of the moneys made available in <br />connection with such defeasance so as to provide firm <br />banking and financial arrangements for the discharge and <br />final payment of the Defeased Bonds; <br /> <br />NOW, THEREFORE, in consideration of the premises, the <br />mutual undertakings, promises and agreements herein con- <br />tained, and other good and valuable consideration, the <br />receipt and sufficiency of which are hereby expressly <br />