THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A (7).

Home Browse Search

(iii) $1,048,437.50_ from the debt service account held by the 1994 Trustee with respect to the 1994 Bonds (the "1994 Debt Service Account "). (b) The Escrow Bank shall invest $41,448,838.00 of the moneys deposited into the Escrow Fund pursuant to the preceding paragraph in the U.S. Treasury Securities —State and Local Government Series ( "SLGS ") set forth in Exhibit B attached hereto and by this reference incorporated herein (the "Escrowed Federal Securities ") and shall hold the remaining $1,048,438.30 in cash, uninvested. The Escrowed Federal Securities shall be deposited with and held by the Escrow Bank in the Escrow Fund solely for the uses and purposes set forth herein. If the Escrow Bank learns that the Department of the Treasury or the Bureau of Public Debt will not, for any reason, accept a SLGS subscription, the Escrow Bank shall promptly request alternative written investment instructions from the City with respect to escrowed funds which were to be invested in the Escrowed Federal Securities. The Escrow Bank shall follow such instructions and, upon the maturity of any such alternative investment, the Escrow Bank shall hold funds uninvested and without liability for interest until receipt of further written instructions from the City. In the absence of investment instructions from the City the Escrow Bank shall not be responsible for the investment of such funds or interest thereon. The Escrow Bank may conclusively rely upon the City selection of an alternative investment as a determination of the alternative investment's legality and suitability and shall not be liable for any losses related to the alternative investments or for compliance with any yield restriction applicable thereto. (c) The Escrow Bank may rely upon the conclusion of Grant Thornton LLP, as contained in its report and opinion and accompanying schedules (the 'Report'), dated June 18, 2014, that the Escrowed Federal Securities mature and bear interest payable in such amounts and at such times as, together with cash on deposit in the Escrow Fund, will be sufficient to pay the principal of and interest on the Defeased 1994 Bonds to maturity. (d) The Escrow Bank shall not be liable or responsible for any loss resulting from its full compliance with the provisions of this Escrow Deposit and Trust Agreement. (e) Any money left on deposit in the Escrow Fund after the final maturity of the Defeased 1994 Bonds shall be transferred to the Trustee and applied to the payment of debt service on the Non - Defeased 1994 Bonds. Section 5. Application of 1994 Funds. On the date of deposit of amounts paid by the Assignees in the Escrow Fund pursuant to Section 4, the Escrow Bank, as 1994 Trustee, is hereby directed to (a) transfer all moneys in the 1994 Reserve Account ($4,613,906.25) to the Escrow Bank for deposit in the Escrow Fund, and (b) transfer all moneys in the 1994 Debt Service Account ($1,048,437.50) to the Escrow Bank for deposit in the Escrow Fund. Section 6. Instructions as to Application of Deposit. The moneys deposited in the Escrow Fund pursuant to Section 4 shall be applied by the Escrow Bank for the sole purpose of paying the principal of and interest on the Defeased 1994 Bonds to maturity as set forth in Exhibit C attached hereto and by this reference incorporated herein. Section 7. Investment of Any Remaining Moneys. The Escrow Bank shall invest and reinvest the proceeds received from any of the Escrowed Federal Securities, and the cash originally deposited into the Escrow Fund, for a period ending not later than the next succeeding interest payment date relating to the Defeased 1994 Bonds, in Federal Securities pursuant to written directions of the City; provided, however, that (a) such written directions of the City shall be accompanied. by (i) a certification of an independent certified public -3-