8.1 SR 12-07-2020 - Laserfiche WebLink

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EL185-67-687630.v1 3 to the holders of any of the Refunding Bonds, or principal payment due to the holders of any of the Refunded Bonds, the Escrow Agent shall immediately notify the City. The City thereupon shall forthwith deposit in Escrow Account from funds on hand and legally available to it such additional funds as may be required to meet fully the amount to become due and payable. The City acknowledges its obligation to levy ad valorem taxes on all taxable property in the City to the extent required to produce moneys necessary for this purpose. The City and the Escrow Agent acknowledge receipt of a verification report from _____________, ______. ________, certified public accountants, dated December __, 2020, which is attached hereto, marked Exhibit A and made a part hereof, to the effect that such cash and securities are suf ficient to comply with the requirements of the Act. 7. The City will not repeal or amend the Resolution which calls the Refunded Bonds for redemption on the Redemption Date. The Escrow Agent shall cause the Notice of Call for redemption attached hereto as Exhibit B 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. The Escrow Agent shall cause the Notices of Defeasance attached hereto as Exhibit C to be filed with the Municipal Securities Rulemaking Board within 10 business days of the issuance of the Refunding Bonds. 9. On or before January 15, 2022, and on or before January 15 of each year 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 12 months. 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 January 15 of each year. 10. It is recognized and agreed that title to the cash and Federal 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 escrow 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. 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, the reinvestment of certain funds in Federal Securities to the extent not being held as uninvested cash and the remittance of the funds to the paying agent as provided in this Agreement. 11. This Agreement is made by the City for the benefit of the holders of the Refunding Bonds and 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