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55A - RESO - GAS TAX BONDS
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11/05/2019
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55A - RESO - GAS TAX BONDS
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Last modified
10/30/2019 12:55:49 PM
Creation date
10/30/2019 11:40:51 AM
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Template:
City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
55A
Date
11/5/2019
Destruction Year
2024
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Section 4. Deposit into Escrow Fund, Investment of Amounts. Concurrently with <br />delivery of the Bonds, the City and the Authority shall cause to be transferred to the Escrow <br />Agent for deposit into the Escrow Fund the amount of $ in immediately available <br />funds. All amounts deposited to the Escrow Fund shall be held as cash uninvested. <br />Section 5. Instructions as to Application of Deposit; Authority Retains Right of <br />Optional Redemption. The City and the Authority hereby irrevocably direct and instruct the <br />Escrow Agent to apply cash and securities held in the Escrow Fund to transfer to the Prior <br />Trustee to pay the remaining Prior Installment Payments relating to the 2007 Agreement in full <br />on , 2019 at a prepayment price of 100% of the principal amount hereof. For such <br />purpose of call and prepayment prior to maturity of the 2007 Certificates, the City and the <br />Authority have previously instructed the Escrow Agent to give notice of prepayment of the 2007 <br />Certificates, and such notice of prepayment has been given timely for prepayment of the 2007 <br />Certificates on , 2019, in accordance with the applicable provisions of the 2007 Trust <br />Agreement. Any funds remaining in the Escrow Fund after 2019, shall be delivered <br />to the City. <br />Section 6. Application of Certain Terms of 2007 Trust Agreement. All of the terms <br />of the 2007 Trust Agreement relating to the making of payments of principal and interest with <br />respect to the 2007 Certificates are incorporated in this Escrow Agreement as if set forth in full <br />herein. The provisions of the 2007 Trust Agreement relating to the limitations from liability and <br />protections afforded the Prior Trustee and the resignation and removal of the Prior Trustee are <br />also incorporated in this Escrow Agreement as if set forth in full herein and shall be the <br />procedure to be followed with respect to any resignation or removal of the Escrow Agent <br />hereunder. <br />Section 7. Compensation to Escrow Agent. The City shall pay the Escrow Agent full <br />compensation for its duties under this Escrow Agreement, including out-of-pocket costs such as <br />publication costs, prepayment or redemption expenses, legal fees and other costs and expenses <br />relating hereto and, in addition, fees, costs and expenses relating to the purchase of any Federal <br />Securities after the date hereof, pursuant to a separate agreement between the City and the <br />Escrow Agent. Under no circumstances shall amounts deposited in the Escrow Fund be deemed <br />to be available for said purposes. <br />Section 8. Liabilities and Obligations of Escrow Agent. The Escrow Agent shall <br />have no obligation to make any payment or disbursement of any type or incur any financial <br />liability in the performance of its duties under this Escrow Agreement unless the City shall have <br />deposited sufficient funds with the Escrow Agent to satisfy such obligation. The Escrow Agent <br />may rely and shall be protected in acting upon the written instructions of the City or its agents <br />relating to any matter or action as Escrow Agent under this Escrow Agreement. <br />The Escrow Agent undertakes such duties as specifically set forth herein and no implied <br />duties or obligations shall be read into this Escrow Agreement against the Escrow Agent. <br />The City hereby assumes liability for, and hereby agrees (whether or not any of the <br />transactions contemplated hereby are consummated) to indemnify, protect, save and hold <br />harmless the Escrow Agent and its respective successors, assigns, agents and servants from and <br />55394.00055\32329256.4 5 5Q _7 3 <br />
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