2001 - 10-01-01 Regular Meeting - Laserfiche WebLink

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0 bou 18 ME 612 0 3 0 Agent separate and apart from other funds of the County or of the Escrow Agent as a trust fund for the benefit of the holders of the Refunded Bonds. There is also hereby created and established with the Escrow Agent the special account designated "2001 Expense Account" to be held in the custody of the Escrow Agent separate and apart from other funds of the County or of the Escrow Agent. 2. Deposit of Moneys. Concurrently with the execution of this Agreement, the County deposits or causes to be deposited with the Escrow Agent, and the Escrow Agent acknowledges receipt of, immediately available moneys for deposit in the following Accounts, in the amounts and from the sources indicated, to be supplied solely as provided in this Agreement: (a) $ to be deposited in the 2001 Refunding Bonds Escrow Account, from the proceeds of the Refunding Bonds. (b) $ to be deposited in the 2001 Expense Account; from the proceeds.of the Refunding Bonds. 3. Irrevocable Trusts Created. The deposit of moneys in the 2001 Refunding Bonds Escrow Account, as provided in paragraph 2 (a) hereof, shall constitute an irrevocable deposit and pledge of said moneys for the equal and ratable benefit of the holders of the Refunded Bonds. The holders of the Refunded Bonds shall have an express lien on all moneys deposited in the 2001 Refunding Bonds Escrow Account, and on the Government Obligations credited to the 2001 Refunding Bonds Escrow Account, until applied in accordance with this Agreement. The matured principal of the Government Obligations and the interest thereon and uninvested cash shall be held in trust by the Escrow Agent, and shall be applied as hereinafter set forth, solely to the payment of the principal of and premium and interest on the Refunded Bonds, respectively, as the same become due and payable, whether at maturity or upon the redemption thereof In reliance upon the mathematical computation performed by Ferris, Baker Watts, Inc. and the verification thereof performed by McGladrey & Pullen, LLP, the County has determined that the interest on and the principal amounts maturing on the Government Obligations in accordance with their terms, together with an initial cash balance of $ are sufficient to assure that monies will be available to the. Escrow Agent in amounts sufficient to pay, refund and redeem the Refunded Bonds and to pay the interest thereon as herein provided. 4. Purchase of Government Obligations. The Escrow Agent is hereby directed to immediately purchase the non-callable Government Obligations identified in Exhibit A hereto, solely for the account of and from the moneys deposited in the 2001 Refunding Bonds Escrow Account, as therein set forth. The Escrow Agent will not make any purchase until it possesses sufficient funds for such purchase." A $ portion of the moneys deposited in the 2001 Refunding Bonds Escrow Account shall not be invested. The Escrow Agent shall apply the moneys deposited in the 2001 Refunding Bonds Escrow Account, and the Government Obligations purchased therewith, together with all income or earnings thereon, in accordance with the provisions hereof The Escrow Agent shall have no power or duty to invest any moneys held hereunder or to make 16