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<br />. <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />NOW, THEREFORE, in consideration of the foregoing and the <br /> <br />agreements and covenants hereinafter set forth, the parties <br /> <br />hereto agree as follows: <br /> <br />Section 1. <br /> <br />The Escrow Bank hereby agrees to hold the <br /> <br />Refunded Bond Fund, and agrees to accept the deposits to be <br /> <br />made pursuant to this Agreement. <br /> <br />The Escrow Bank hereby agrees <br /> <br />to hold in escrow the Refunded Bond Fund as a special trust <br /> <br />fund separate and apart from any other funds of the Agency or <br /> <br />the Escrow Bank and to use the moneys and investments deposited <br /> <br />therein solely for those purposes required or permitted by the <br /> <br />Resolution and recited herein. <br /> <br />Section 2, <br /> <br />At the time the Bonds are delivered to the <br /> <br />original purchaser, the Agency will deposit with the Escrow <br /> <br />Bank ,and the Escrow Bank will deposit in the Refunded Bond Fund <br /> <br />from transfers from the moneys on deposit in the Special Fund <br /> <br />created in connection with the 1984 Bonds, the proceeds of the <br /> <br />sale of the Bonds $ <br /> <br />, which sum, together with <br /> <br />investment earnings thereon, will be sufficient to pay and <br />retire the Refunded Bonds on June 1, 1994 and to pay the <br />interest on the Refunded Bonds until such date, <br /> <br />Section 3. <br /> <br />The Escrow Bank represents and acknowledges <br /> <br />that concurrently with the deposit of the proceeds in the <br /> <br />Escrow Fund, it will use the proceeds to purchase on behalf of <br /> <br />and for the Agency, from the United States Treasury, <br /> <br />non-callable State and Local Government Series ("SLGS") in an <br /> <br />aggregate principal amount of $ <br /> <br />pursuant to <br /> <br />05-12-86 <br />1677kj2281jO6 <br /> <br />-3- <br />