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

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1, 2014 and to refund the Prior Bonds by the payment of the principal of, premium on, and interest on the Prior Bonds due on or before June 1, 2014. (c) The Issuer and the Escrow Agent acknowledge receipt of a report of , an independent accountant (the "Accountant"), to the effect that the uninvested amounts in the Escrow Fund and the Escrow Securities, together with the interest to be earned thereon, will be sufficient to refund the Prior Bonds by the payment of the principal of, premium on, and interest on the Prior Bonds when due (by reason of maturity or early redemption on or before June 1, 2014). Section 3. The deposits made pursuant to section 2 hereof constitute an irrevocable deposit held in trust for the benefit of the holders of the Prior Bonds, and the uninvested amounts in the Escrow Fund and the Escrow Securities, together with any income or interest earned thereon, shall be held in trust and shall be applied solely for the Prior Bonds in accordance with the provisions hereof and the Indenture. Section 4. Except as set forth in this Escrow Agreement, the Escrow Agent shall have no other power or duty to invest any moneys held pursuant to this Escrow Agreement or to make substitutions of the Escrow Securities held pursuant to this Escrow Agreement or to sell, transfer or otherwise dispose of the Escrow Securities acquired pursuant to this Escrow Agreement except to collect the proceeds thereof at maturity and the interest thereon. Section S. The Escrow Agent hereby acknowledges that all other action has been taken that is necessary to deem the Outstanding Prior Bonds paid within the meaning of the Indenture. Section 6. (a) The Escrow Agent shall collect the matured principal of and the interest on the Escrow Securities as the same become due and payable. Without further direction from anyone, including the Issuer or the Borrower, the Escrow Agent shall apply available funds from the Escrow Fund for the payment of the principal of, premium on, and interest due on the Prior Bonds on or before June 1, 2014. (b) If any Prior Bond shall not be presented for payment when the principal thereof shall have become due, whether at maturity or upon redemption, and if moneys or Escrow Securities shall at such times be held by the Escrow Agent in trust for that purpose sufficient and available to pay the principal of and any premium on such Prior Bond (whether at maturity or upon redemption), it shall be the duty of the Escrow Agent to hold said moneys or Escrow Securities without liability to the holder of such Prior Bond for interest thereon subsequent to such date, in trust for the benefit of the holder of such Prior Bond, who shall thereafter be restricted exclusively to said moneys or Escrow Securities for any claim of whatever nature on the holder's part on or with respect to said Prior Bond, including any claim for the payment thereof. All moneys or Escrow Securities required by the provisions hereof to be set aside or held in trust for the payment of the Prior Bonds and interest and premiums shall be applied to and used solely for the payment of the Prior Bonds and interest and any premium thereon with respect to which such moneys and Escrow Securities have been so set aside in trust. Section 7. The escrow created hereby shall be unconditional and irrevocable and the holders of the Prior Bonds shall have an express lien on all monies and Escrow Securities in the 56O11591.' 1