Agenda - Council - 08/13/2013 - Laserfiche WebLink

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THIS ESCROW AGREEMENT, dated as of 1, 2013, by and between the CITY OF RAMSEY, MINNESOTA, a municipal corporation (the "Issuer"), PCS BUILDING COMPANY, a Minnesota nonprofit corporation (the "Borrower"), and WELLS FARGO BANK, NATIONAL ASSOCIATION in its capacity as trustee for the Prior Bonds (as hereafter defined) (the "Escrow Agent"): WITNESSETH: WHEREAS, the Issuer previously issued its Lease Revenue Bonds, Series 2004A (PACT Charter School Project) dated as of March 1, 2004 (the "Prior Bonds") pursuant to that certain Indenture of Trust dated as of March 1, 2004 by and between the Issuer and Wells Fargo Bank, National Association (the "Original Indenture"). WHEREAS, the Borrower has requested that the Issuer issue Lease Revenue Refunding Bonds (PACT Charter School Project) Series 2013A (the "Refunding Bonds") for the purpose of, among other things, refunding in advance of their maturities the outstanding Prior Bonds as hereinafter provided. WHEREAS, the Refunding Bonds are to be issued pursuant to that certain Indenture of Trust dated as of 1, 2013 (the "Indenture"). WHEREAS, $ proceeds from the sale of the Refunding Bonds, and $ from the sinking funds held under the Original Indenture and S held in the reserve fund under the Original Indenture are on hand or are being remitted to the Escrow Agent and are being used to establish a cash balance of $ and the remainder will be used to purchase certain Escrow Securities, as specified in this Escrow Agreement, which Escrow Securities will be held by the Escrow Agent and be set apart and irrevocably segregated in a special trust fund to provide for the discharge of the Prior Bonds as provided in this Escrow Agreement. NOW THEREFORE, in consideration of the foregoing and of the mutual covenants set forth in this Escrow Agreement, the parties hereto agree as follows: Section 1 _ The Prior Bonds shall he called for optional redemption on June 1, 2014, and paid and redeemed at a redemption price of 102% of their principal amount. Escrow Agent agrees to pay the principal and interest on the Prior Bonds due on or before June 1, 2014. The Escrow Agent shall give proper notice of such redemption as provided in Article III of the Original Indenture and in the Notice of Redemption attached hereto as Exhibit A. Section 2. (a) There is hereby created and established with the Escrow Agent a special, segregated and irrevocable account designated the Escrow Fund to be held in trust by the Escrow Agent. (b) The Escrow Fund shall be invested in certain federal securities as described in Exhibit B hereto (in the aggregate the "Escrow Securities"), provided that such term may include any other securities acquired under section 12 of this Escrow Agreement. The Escrow Securities, together with the interest to be earned thereon and a beginning cash balance of $ shall be used to pay principal and interest when due on the Prior Bonds on or before June 1 56O11591.' 1