O-1985-1448 - Laserfiche WebLink

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. e . acknowledged, and in order to secure the full and timely payment of the principal of and the interest on the Defeased Bonds, the City and the Escrow Agent contract and agree as follows: Section 1.01. Deposit with Escrow Agent. The City has deposited, or caused to be deposited, with the Escrow Agent the sum of $ from the City's interest and sinking fund, reserve fund and contingency fund for the Defeased Bonds, of which $ shall be applied by the Escrow Agent to purchase the United States Treasury Securities (the "Escrowed Securities") described in Exhibit A annexed hereto and hereby made a part of this Escrow Agreement, and $ of which shall be deposited in the fund (the "Escrow Fund") created pursuant to the provisions of Section 2.01 hereof as a beginning cash balance. Section 2.01. Establishment of Escrow Fund. The Escrow Agent has created on its b.ooks a special fund and irrevocable escrow to be known as the "Special 1985 City of La Porte, Texas, Bond Escrow Fund. II The Escrow Agent hereby acknowledges that there has been deposited to the credit of such Escrow Fund the cash described in Section 1.01 hereof, and the Escrow Agent agrees (a) to apply such deposit to the purchase of the Escrowed Securities in accordance with the provisions of said Section 1.01 and (b) to pay the cost of defeasance of the Defeased Bonds identified in Exhibit B annexed hereto and hereby made a part of this Escrow Agreement. The Escrowed Securities, all proceeds therefrom and all cash balances from time to time on deposit in the Escrow Fund shall be the property of the Escrow Fund, and shall be applied only in strict conformity with the terms and conditions hereof. The Escrowed Securities, all proceeds therefrom and all cash balances from time to time on deposit in the Escrow Fund are hereby irrevocably pledged to the payment of the principal of and interest on the Defeased Bonds, which payment shall be made by timely transfers to First City National Bank of Houston, as Paying Agent (the IIpaying Agent") for the Defeased Bonds, of such amounts and at such times as are specified in Section 2.02 hereof. When the final transfers have been made to the Paying Agent for the payment of such principal of and interest on the Defeased Bonds, any balance then remaining in the Escrow Fund shall be transferred to the City, and the Escrow Agent shall thereupon be discharged from any further duties hereunder. Section 2.02. Payment of Principal of and Interest on Defeased Bonds. (a) Subject to the remaining provisions of 001RDRBR/193BOl -2-