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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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be mailed in accordance with the provisions of Section 5 of <br /> Ordinance No. 7951-88 pursuant to which the Prior Bonds were <br /> issued. <br /> The Escrow Agent hereby acknowledges receipt from the Issuer <br /> of irrevocable instructions to call said Prior Bonds for <br /> redemption, of a certified copy of said Ordinance No. 7951-88, and <br /> of the form of redemption notice. <br /> Section 4. The Escrow Agent is hereby authorized and directed <br /> to issue its checks on the Escrow Account for the payment of the <br /> principal of and interest on the Prior Bonds. The Escrow Agent <br /> shall keep and maintain adequate records pertaining to the Escrow <br /> Account, and shall furnish a statement with respect thereto to the <br /> Issuer not later than April 1 of each year throughout the term of <br /> this Escrow Agreement. <br /> Section 5. The Escrow Agent hereby waives any right of <br /> set-off, counterclaim, reduction, or diminution of an obligation, <br /> or any defense of any kind or nature which the Escrow Agent has or <br /> may have against the Issuer or the holders of the Prior Bonds <br /> insofar as such set-off, counterclaim, reduction, diminution or <br /> defense would have an adverse effect on the availability of funds <br /> sufficient to comply with the obligations of the parties contained <br /> herein. <br /> Section 6. The parties hereto recognize that the holders from <br /> time to time of the Prior Bonds have a beneficial and vested <br /> interest in the Governmental Obligations. It is therefore recited, <br /> understood and agreed that this Escrow Agreement shall not be <br /> subject to revocation until its provisions have been fully carried <br /> out and may be amended only with the consent of all such holders. <br /> Funds in the Escrow Account shall be held in trust and used only <br /> for the purposes described herein. Any amounts remaining in the <br /> Escrow Account after payment in full of the Prior Bonds shall be <br /> returned to the Issuer. <br /> Section 7. The Escrow Agent shall have no power or duty to <br /> invest any monies held hereunder except as set forth in Section 2 <br /> hereof. The Escrow Agent shall not be liable or responsible for <br /> any loss resulting from any investment made pursuant to this Escrow <br /> Agreement and in full compliance with the provisions hereof. <br /> Section 8. None of the provisions contained in this Escrow <br /> Agreement shall require the Escrow Agent to use or advance its own <br /> funds or otherwise incur personal financial liability in the <br /> performance of any of its duties or the exercise of any of its <br /> rights or powers hereunder. The Escrow Agent shall be under no <br /> liability for interest on any funds or other property received by <br /> it hereunder, except as herein expressly provided. The Escrow <br /> Agent shall be under no obligation to inquire into or be in any way <br /> responsible for the performance or nonperformance by the Issuer of <br /> any of its obligations or to protect any of the Issuer's rights <br /> under any bond proceeding or any other contracts with or franchises <br /> or privileges from any state, county, municipality or other <br /> governmental agency or with any person. The Escrow Agent shall not <br /> be responsible in any manner whatsoever for the recitals or <br /> statements contained herein, in the Prior Bonds, or in any <br /> proceedings taken in connection therewith. To the extent permitted <br /> by law, the Issuer shall defend, indemnify and hold the Escrow <br /> Agent and the holders of the Prior Bonds harmless from all claims, <br /> demands and actions resulting from or arising out of any alleged <br /> deficiency in the Escrow Account which is not caused by acts of the <br /> Escrow Agent. This indemnity shall survive the termination of this <br /> F.ACrnw Agreement. <br />
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