8.1 SR 12-07-2020 - Laserfiche WebLink

Home Browse Search

EL185-67-687630.v1 2 Agent on the date of this Agreement. It is understood and agreed that the dates and amounts of payments of principal and interest due on the Federal Securities so deposited are as indicated in Exhibit A, and that the principal and interest payments due on such securities together with the initial cash deposit are such as to provide the funds required to pay all inte rest payable on the Refunding Bonds to the date on which any of the Refunded Bonds have been directed to be prepaid, as stated in the Resolution and to pay the redemption price of the Refunded Bonds on such date. 3. The Federal Securities have been irrevocably deposited with the Escrow Agent who acknowledges receipt of the deposits described in paragraph 2 hereof and agrees that it will hold such amounts, other than amounts to be used for costs of issuance, in a special escrow account (the “Escrow Account”) created by the Resolution in the name of the City, and will collect and receive on behalf of the City all payments of principal of and interest on any investment of such amounts and securities and will remit from the Escrow Account (i) to the U.S. Bank National Association, in St. Paul, Minnesota (the “Paying Agent”) for the Refunding Bonds the funds required from time to time for the payment of interest on the Refunding Bonds to the date of the redemption of the Refunded Bonds which is February 1, 2022 (the “Redemption Date”); and (ii) to the Paying Agent for the Refunded Bonds the funds needed for the redemption and prepayment of the outstanding principal amount of the Refunded Bonds as due by reason of redemption on the Redemption Date. After provision for payment of all remaining Refunded Bonds, the Escrow Agent will remit any remaining funds in the Escrow Account to the City. 4. In order to insure continuing compliance with the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder (collectively, the “Code”), the Escrow Agent agrees that it will not invest any cash deposits or reinvest any cash received in payment of the principal of and interest on the Federal Securities held in the Escrow Account unless and until an opinion is received by Escrow Agent from nationally recognized bond counsel that investments or reinvestments, as specified in said opinion, may be made in a manner consistent with the Code. Investment or reinvestment, if any, of amounts in the Escrow Account made pursuant to this paragraph may be made only at the further direction of the City Finance Director and in securities maturing or callable at the option of the holder on such dates and bearing interest at such rates as will be required to provide sufficient funds, together with any cash or other funds retained in the Escrow Account, to pay when due the interest to accrue on the Refunding Bonds, and to pay on the Redemption Date the principal amount of the Refunded Bonds then outstanding. Securities purchased from the monies in the Escrow Account will be limited to securities specified in Minnesota Statutes, Section 475.67, Subdivision 8. The Escrow Agent, as agent for the City, shall purchase any such securities for and on behal f of the City and in its name. 5. The Escrow Agent expressly waives any lien upon or claim against the moneys and investments in the Escrow Account. 6. If at any time it shall appear to the Escrow Agent that the money in the Escrow Account allocable for such use hereunder will not be sufficient to make any interest payment due