8.2.B. SR 02-21-2012 - Laserfiche WebLink

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7. The City will not repeal or amend the Resolution which calls the Refunded Bonds for redemption on their Redemption Dates. The Escrow Agent shall cause the Notice of Call for redemption attached hereto as Exhibit C to be mailed not more than 60 days prior to the Redemption Date to the paying agent for the Refunded Bonds for the purpose of giving notice not less than 30 days prior to the Redemption Date to the registered owners of the Refunded Bonds to be redeemed, at their addresses appearing in the bond register and also to the bank at which the principal and interest on the Refunded Bonds are then payable. 8. On or before March 1, 2013, and on or before the first day of each month thereafter until termination of the Escrow Account, the Escrow Agent shall submit to the City a report covering all money it shall have received and all payments it shall have made or caused to be made hereunder during the preceding month. Such report shall also list all obligations held in the Escrow Account and the amount of money on hand in the Escrow Account on the first day of each month. 9. It is recognized and agreed that title to the cash and securities, if any, held in the Escrow Account from time to time shall remain vested in the City but subject always to the prior charge and lien thereon of this Agreement and the use thereof required to be made by this Agreement. The Escrow Agent shall hold all such money and obligations in a special trust fund and account separate and wholly segregated from all other funds and securities of the Escrow Agent, and shall never commingle such money or securities with other money or securities; provided, however, that nothing herein contained shall be construed to require the Escrow Agent to keep the identical monies, or any part thereof, received for the Escrow Account on hand, but moneys of an equal amount (except to the extent such are represented by investments permitted under this Agreement) shall always be maintained on hand as funds held by the Escrow Agent as trustee, belonging to the City, and a special account shall at all times be maintained on the books of the Escrow Agent, together with such investments. In the event of the Escrow Agent's failure to account for any- money or obligations held by it in the Escrow Account, such money and obligations shall be and remain the property of the City, and if for any reason such money or obligations cannot be identified, all other assets of the Escrow Agent shall be impressed with a trust for the amount thereof, and the City shall be entitled to a preferred claim upon such assets. It is understood and agreed that the responsibility of the Escrow Agent under this Agreement is limited to the safekeeping and segregation of the funds and securities deposited with it in the Escrow Account, and the collection of and. accounting for the principal and interest payable with respect thereto. 10. This Agreement is made by the City for the benefit of the holders of the Refunded Bonds, and is not revocable by the City, and the funds and securities deposited in the Escrow Account and all income therefrom have been irrevocably appropriated for the payment of the callable principal amount of the Refunded Bonds at the Redemption Date and interest on the Refunding Bonds to the Redemption Date in accordance with this Agreement. 11. This Agreement shall be binding upon and shall inure to the benefit of the City and the Escrow Agent and their respective successors and assigns. In addition, this Agreement shall constitute a third party beneficiary contract for the benefit of the holders of the Refunded 398278v1 JSB EL185-17 3