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<br />LLG&M
<br />BCOr ~1$ PACE 6-j1j Draft of 10/01/01
<br />ESCROW DEPOSIT AGREEMENT
<br />This ESCROW DEPOSIT AGREEMENT, dated November , 2001, by and
<br />between the County of Lee, North Carolina, having Federal Employer Identification Number 56-
<br />600313 (the "County") and The Bank of New York, Jacksonville, Florida, as escrow agent
<br />hereunder (the "Escrow Agent"):
<br />WITNESSETH:
<br />WHEREAS, the County has issued Public Improvement Bonds, Series 1992,
<br />dated July 1, 1992 and $7,300,000 of such Bonds maturing in each of the years 2002 to 2009,
<br />inclusive, are outstanding (the "Outstanding Public Improvement Bonds, Series 1992"); and
<br />WHEREAS, the County. has issued Refunding Bonds, Series 1992, dated July 1,
<br />1992, and $2,280,000 of such Bonds maturing in each of the years 2002 to 2004, inclusive, are
<br />outstanding (the "Outstanding Refunding Bonds, Series 1992"); and
<br />WHEREAS, the County, pursuant to The Local Government Finance Act, a bond
<br />order adopted by the Board of Commissioners of the County on September 4, 2001 and
<br />resolutions adopted by said Board of Commissioners on October 1, 2001 and October 22, 2001,
<br />authorized the issuance and provided for the sale of $ General Obligation Refunding
<br />Bonds, Series 2001 (the "Refunding Bonds"), for the purpose of providing funds, together with
<br />other available funds, to pay and refund all or a portion of the Outstanding Public Improvement
<br />Bonds, Series 1992 and the Outstanding Refunding Bonds, Series 1992; and
<br />WHEREAS, the County has determined to provide for the payment, refunding
<br />and redemption of Outstanding Public Improvement Bonds, Series 1992 and Outstanding
<br />Refunding Bonds, Series 1992 by, depositing with the Escrow Agent cash and non-callable direct
<br />obligations of the United States of America, which obligations shall not include investments in
<br />money market mutual funds ("Government Obligations"), in such amounts and maturing at
<br />stated fixed prices as to principal and interest at such times so that sufficient moneys will be
<br />available from such principal and interest (a) to pay interest on and to pay $ of
<br />principal on February 1, 2002 of the Outstanding Public Improvement Bonds, Series 1992, (b) to
<br />pay interest on and to pay $ of principal on February 1, 2002 of the Outstanding
<br />Refunding Bonds, Series 1992, (c) to pay interest on and to redeem on February 1, 2002, at the
<br />applicable redemption prices, the Outstanding Public Improvement Bonds, Series 1992 maturing
<br />after February 1, 2002 and (d) to pay interest on and to redeem on February 1, 2002, at the
<br />applicable.redemption prices, the Outstanding Refunding Bonds, Series 1992 maturing after
<br />February 1, 2002 (collectively, the "Refunded Bonds");
<br />NOW, THEREFORE, in consideration of the foregoing and of the mutual
<br />covenants hereinafter set forth, the parties hereto agree as follows:
<br />1. Creation of Escrow Account and Expense Account. There is hereby
<br />created and established with the Escrow Agent a special and irrevocable escrow account,
<br />designated "2001 Refunding Bonds Escrow Account", to be held in the custody of the Escrow
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