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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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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
55A
Date
11/5/2019
Destruction Year
2024
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against any and all liabilities, obligations, losses, damages, penalties, claims, actions, suits, costs, <br />expenses and disbursements (including legal fees and disbursements) of whatsoever kind and <br />nature which may be imposed on, incurred by, or asserted against, at any time, the Escrow Agent <br />(whether or not also indemnified against by any other person under any other agreement or <br />instrument) and in any way relating to or arising out of the execution and delivery of this Escrow <br />Agreement, the establishment of the Escrow Fund, the retention of the moneys therein and any <br />payment, transfer or other application of moneys or securities by the Escrow Agent in <br />accordance with the provisions of this Escrow Agreement, or as may arise by reason of any act, <br />omission or error of the Escrow Agent made in good faith in the conduct of its duties; provided, <br />however, that the City shall not be required to indemnify the Escrow Agent against its own <br />negligence or willful misconduct. The indemnities contained in this Section 8 shall survive the <br />termination of this Escrow Agreement and the resignation and removal of the Escrow Agent. <br />The Escrow Agent shall not have any liability hereunder except to the extent of its own <br />negligence or willful misconduct. In no event shall the Escrow Agent be liable for any special, <br />indirect or consequential damages. <br />The Escrow Agent may consult with counsel of its own choice and the opinion of such <br />counsel shall be full and complete authorization to take or suffer in good faith any action <br />hereunder in accordance with such opinion of counsel. <br />The Escrow Agent shall not be responsible for any of the recitals or representations <br />contained herein. <br />Whenever in the administration of this Escrow Agreement the Escrow Agent shall deem <br />it necessary or desirable that a matter be proved or established prior to taking or suffering any <br />action hereunder, such matter (unless other evidence in respect thereof be herein specifically <br />prescribed) may, in the absence of negligence or willful misconduct on the part of the Escrow <br />Agent, be deemed to be conclusively proved and established by a certificate of an authorized <br />representative of the City and Authority, and such certificate shall, in the absence of negligence <br />or willful misconduct on the part of the Escrow Agent, be full warrant to the Escrow Agent for <br />any action taken or suffered by it under the provisions of this Escrow Agreement upon the faith <br />thereof. <br />The liability of the Escrow Agent to make the payments required by this Escrow <br />Agreement shall be limited to the moneys and Federal Securities in the Escrow Fund. <br />The Escrow Agent shall not be liable for the accuracy of any calculations provided as to <br />the sufficiency of the moneys or Federal securities deposited with it to pay the principal, interest, <br />or premiums, if any, on the 2007 Certificates. <br />No provision of this Escrow Agreement shall require the Escrow Agent to expend or risk <br />its own funds or otherwise incur any financial liability in the performance or exercise of any of <br />its duties hereunder, or in the exercise of its rights or powers. <br />The Escrow Agent may execute any of the trusts or powers hereunder or perform any <br />duties hereunder either directly or by or through agents, attorneys, custodians or nominees <br />55394.00055\32329256.4 4 <br />55 / w <br />
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