O-1991-1755 - Laserfiche WebLink

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. EXHIBIT C e ESCROW AGREEMENT THIS ESCROW AGREEMENT, dated as of June 1, 1991 (herein, together with any amendments or supplements hereto, called the "Agreement") is entered into by and between the CITY OF LA PORTE, TEXAS (herein called the "Issuer") and FIRST CITY, TEXAS - HOUSTON, N. A., Houston, Texas, as escrow agent (herein, together with any successor in such capacity, called the "Escrow Agent"). The addresses of the Issuer and the Escrow Agent are shown on Exhibit "A" attached hereto and made a part hereof. WIT N E SSE T H: WHEREAS, the Issuer heretofore has issued or assumed and there presently remain outstanding the obligations described in Exhibit "B" attached hereto (the "Refunded Obligations"); and WHEREAS, the Refunded Obligations are scheduled to bear interest at such rates and be payable at such times and in such amounts as are set forth in Exhibit "C" attached hereto. and made a part hereof; and WHEREAS, when firm banking arrangements have been made for the payment of all principal and interest of the Refunded Obligations when due, then the Refunded Obligations shall no longer be regarded as outstanding except for the purpose of receiving payment from the funds provided for such purpose; and WHEREAS, Vernon's Ann. Tex. Civ. St. Article 717k, as amended ("Article 717k") authorizes the Issuer to issue refunding bonds and to deposit the proceeds from the sale thereof, and any other available funds or resources, directly with any place of payment (paying agent) for any of the Refunded Obligations, and such deposit, if made before such payment dates and in suffi- cient amounts, shall constitute the making of firm banking and financial arrangements for the discharge and final payment of the Refunded Obligations; and WHEREAS, Article 717k further authorizes the Issuer to enter into an escrow agreement with any such paying agent for any of the Refunded Obligations with respect to the safekeeping, investment, administration, and disposition of any such deposit, upon such terms and conditions as the Issuer and such paying agent may agree, provided that such deposits may be invested only in direct obligations of the United States of America, including obligations the principal of and interest on which are unconditionally guaranteed by the United States of America, and which may be in book entry form, and which shall mature and/or bear interest payable at such times and in such amounts as will be sufficient to provide for the scheduled payment of principal and interest on the Refunded Obligations when due; and WHEREAS, the Escrow Agent is a paying agent for the Refunded Obligations and this Agreement constitutes an escrow agreement of the kind authorized and required by Article 717k; and