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8359-93 Revenue Bonds Refund Outstanding Sewage Segregation
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8359-93 Revenue Bonds Refund Outstanding Sewage Segregation
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Last modified
10/10/2012 8:42:59 AM
Creation date
10/10/2012 8:42:54 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
3/8/1993
Ord-Res Number
8359-93
Bill Number
19-93
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EXHIBIT B <br /> ESCROW AGREEMENT <br /> Dated as of , 1993 <br /> Between <br /> NORWEST BANK INDIANA, N.A. <br /> and <br /> CITY OF SOUTH BEND, INDIANA <br /> THIS ESCROW AGREEMENT (the "Escrow Agreement") is made and <br /> entered into as of , 1993, by and between the <br /> CITY OF SOUTH BEND, INDIANA (the "Issuer") , and NORWEST BANK <br /> INDIANA, N.A. , a banking corporation organized under the laws of <br /> the United States (the "Escrow Agent") . <br /> RECITALS <br /> 1. The Issuer has issued its Sewage Works Revenue Bonds of <br /> 1989 authorized by Ordinance No. 7951-88 and dated February 1, 1989 <br /> (the "Prior Bonds") of which $8,925,000 in principal amount are <br /> presently outstanding. <br /> 2. Concurrently with the execution of this Escrow Agreement, <br /> the Issuer has executed, issued and delivered refunding bonds, <br /> designated as "City of South Bend Sewage Works Refunding Revenue <br /> Bonds of 1993", in the aggregate principal amount of $ <br /> (the "Refunding Bonds") , the proceeds of' which will be used to <br /> defease and advance refund the Prior Bonds and pay costs of <br /> issuance of the Refunding Bonds and incidental expenses. <br /> NOW, THEREFORE, in consideration of the premises, the <br /> covenants and agreements hereinafter contained, and for other <br /> valuable consideration, the receipt and sufficiency of which are <br /> hereby acknowledged, it is agreed by and among the parties hereto <br /> as follows: <br /> Section 1. There is hereby established and created with the <br /> Escrow Agent the following irrevocable trust account (the "Escrow <br /> Account") for the benefit of the holders and registered owners of <br /> the Prior Bonds designated: <br /> "City of South Bend Sewage Works Refunding <br /> Revenue Bond Escrow Account of 1993". <br /> Section 2. The Issuer hereby deposits with the Escrow Agent, <br /> and the Escrow Agent hereby acknowledges receipt of, the sum of <br /> $ in immediately available funds and obligations <br /> funded from proceeds from the sale of the Refunding Bonds and <br /> certain moneys held in connection with the Prior Bonds. The Escrow <br /> Agent shall deposit such funds in the Escrow Account and hold in <br /> the Escrow Account such obligations, as described on Schedule I <br /> attached hereto (the "Governmental Obligations") . The uninvested <br /> funds shall be maintained as a cash balance. The maturing <br /> principal of the Governmental Obligations, together with interest <br /> thereon, will be sufficient to pay the amounts required by Section <br /> 3 hereof. The Escrow Agent hereby accepts the funds so deposited <br /> and the Governmental Obligations and the duties and trusts imposed <br /> hereby. <br /> Section 3. The Escrow Agent agrees to use the moneys <br /> available in the Escrow Account solely to pay (i) the principal of <br /> and interest on the Prior Bonds which is due and payable prior to <br /> February 1, 1997, as the same becomes due, and (ii) the outstanding <br /> nrincinal of and accrued interest on the Prior Bonds which mature <br />
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