O-1985-1448 - Laserfiche WebLink

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- . this Escrow Agreement, the Escrow Agent shall from time to time collect and receive for the credit of the Escrow Fund the principal of and interest on the Escrowed Securities as they respectively mature and fall due. The Escrow Agent is hereby irrevocably instructed to transfer to the Paying Agent from the cash balances from time to time on deposit in the Escrow Fund the amounts required to pay the principal of, and interest on, the Defeased Bonds as the same become due and payable. (b) Moneys transferred to and held by the Paying Agent in accordance with the provisions hereof shall be held by the Paying Agent as a separate trust fund for the account of the respective owners and/or holders of the Defeased Bonds in connection with which such moneys are held; provided, however, that moneys so held remaining unclaimed by the owners and/or holders of such Defeased Bonds for six (6) years after the dates on which payment thereon was due, payable and available for payment shall be paid to the City to be used for any lawful purpose. Thereafter, neither the City, the Escrow Agent, the Paying Agent nor any other person shall be liable or responsible to any owners and/or holders of such Defeased Bonds for any further payment of such unclaimed moneys or on account of any such Defeased Bonds. Section 2.03. Sufficiency of Escrow Fund. The City represents that the debt service requirements of the Defeased Bonds are correctly set forth in the Certificate of (the "CPA Certificate") annexed hereto as "Exhibit C" and hereby made a part of this Escrow Agreement and that, based upon the CPA Certificate, the successive receipts of the principal of and interest on the Escrowed Securities will assure that the cash balance on deposit from time to time in the Escrow Fund will at all times be sufficient to provide moneys for transfer to the Paying Agent at the times and in the amounts required to pay the interest on the Defeased Bonds as such interest comes due and to pay the principal of the Defeased Bonds as it matures. Section 2.04. Status and Use of Escrow Fund. Except as specified in Section 3.02 hereof, the Escrow Agent at all times shall hold the Escrow Fund, the Escrowed Securities and all other assets of the Escrow Fund wholly segregated from all other funds and securities on deposit with the Escrow Agent; it shall never allow the Escrowed Securities or any other assp.ts of the Escrow Fund to be commingled with any other funds or securities of the Escrow Agent; and it shall hold and dispose of the assets of the Escrow Fund only 001RDRBR/193BOl -3-