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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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and this Escrow Agreement, and the Escrow Agent shall thereupon be released and discharged <br />with respect thereto and hereto and all liability of the Escrow Agent with respect to such money <br />shall thereupon cease and (ii) excess moneys held by the Escrow Agent not needed for the <br />payment and discharge of the remaining Prior Installment Payments shall be transferred to the <br />City. <br />Section 11. Severability. If any section, paragraph, sentence, clause or provision of <br />this Escrow Agreement shall for any reason be held to be invalid or unenforceable, the invalidity <br />or unenforceability of such section, paragraph, sentence, clause or provision shall not affect any <br />of the remaining provisions of this Escrow Agreement. <br />Section 12. Notice of Escrow Agent, Authority and City. Any notice to or demand <br />upon the Escrow Agent may be served and presented, and such demand may be made, at the <br />principal corporate trust office of the Escrow Agent as specified by the Escrow Agent as prior <br />trustee (the "Prior Trustee") in accordance with the provisions of the 2007 Trust Agreement or <br />by physical delivery with confirmation of receipt or by confirmed telecopy. Any notice to or <br />demand upon the City or the Authority shall be deemed to have been sufficiently given or served <br />for all purposes by being mailed by registered or certified mail, and deposited, postage prepaid, <br />in a post office letter box, addressed to such party as provided in the 2007 Agreement (or such <br />other address as may have been filed in writing by the City or the Authority with the Escrow <br />Agent). <br />Section 13. Merger or Consolidation of Escrow Agent. Any company into which the <br />Escrow Agent may be merged or converted or with which may be consolidated or any company <br />resulting from any merger, conversion or consolidation to which it shall be a party or any <br />company to which the Escrow Agent may sell or transfer all or substantially all of its corporate <br />trust business, provided such company shall be eligible to act as trustee under the 2007 Trust <br />Agreement, shall be the successor hereunder to the Escrow Agent without the execution or filing <br />of any paper or any further act. <br />Section 14. Governing Law. This Escrow Agreement shall be construed and governed <br />in accordance with the laws of the State of California. <br />Section 15. Execution in Several Counterparts. This Escrow Agreement may be <br />executed in any number of counterparts and each of such counterparts shall for all purposes be <br />deemed to be an original; and all such counterparts shall constitute but one and the same <br />instrument. <br />(Signature page follows) <br />55394.00055\32329256.4 55A_76 <br />
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