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

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0 BCCC 18 PACE 6 ' G 1 19 to pay the interest on and any principal or redemption price of the Refunded Bonds payable on such date, as set forth in Exhibit B hereto. (b) If the Escrow Agent shall determine that amounts in the 2001 Refunding Bonds Escrow Account available to make the payments required by paragraph (a) of this section 7 are insufficient for such required payments, the Escrow Agent shall immediately notify the Finance Officer of the County in writing of such shortfall, cto Finance Officer, Lee County Government Center, Sanford, North Carolina 27331-1968. The County shall timely deposit in the 2001 Refunding Bonds Escrow Account such additional amounts as may be required to meet fully the amount so to become due and payable. (c) The Escrow Agent shalt, upon receipt of invoices approved by the Finance Officer of the County, pay or reimburse the County for paying, from the 2001 Expense Account, expenses incurred in connection with the refunding. 8. Redemption; Notice of Redemption. (a) The County specifically and irrevocably elects to redeem (i) on February 1, .2002 the Outstanding Public Improvement Bonds, Series 1992, maturing after February 1, 2002 and on February 1, 2002 the Outstanding Refunding Bonds, Series 1992, maturing after February 1, 2002. The Escrow Agent is hereby irrevocably authorized and directed, and hereby agrees, to cause to be given a notice of redemption of the Outstanding 'Public Improvement Bonds, Series 1992 and the Outstanding Refunding Bonds, Series 1992 in substantially the forms set forth in Exhibits C-1 and C-2, respectively, attached hereto. The Escrow Agent hereby agrees to inform the County promptly and in writing of the required mailing of said notice of redemption. (b) The notice of redemption, stating the redemption date, redemption price and identifying the bonds to be redeemed by reference to their numbers and further stating that on such redemption date there shall become due and payable upon each bond so to be redeemed, the principal thereof, redemption premium and interest accrued to the redemption date, shall be given not less than 30 nor more than 45 days, prior to the redemption date, by mailing by certified or registered mail to The Depository Trust Company. 9. Surplus Funds. (a) When all the Refunded Bonds and interest due thereon have been paid and discharged, this Escrow Deposit Agreement shall terminate and all remaining moneys and Government Obligations, together with any income and interest thereon, in the 2001 Refunding Bonds Escrow Account shall be transferred to the County by the Escrow Agent. (b) Any moneys remaining in the Expense Account on December 31, 2001 shall be transferred to the County by the Escrow Agent. 10. Acceptance by Escrow Agent Liability. (a) By execution of this Agreement, the Escrow Agent accepts the duties and obligations as Escrow Agent hereunder. The Escrow Agent represents that it has all requisite power, and has taken all corporate actions necessary, to.execute the trusts hereby created. 18