1991-11-13 Resolution 45 - Laserfiche WebLink

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t from time to time in order to make the payments authorized in this • Agreement. Investment of the Escrow Fund shall mature prior to the time the funds invested will be needed for payment of principal of and interest on the 1988 Bonds. Section 5. Release of Security. Simultaneously with the issuance of the 1991 Bonds and the creation of the Escrow Fund and in accordance with the. provisions of the Refunding Bond Resolution, the Authority shall release and terminate the pledge of any and all moneys held in any fund or account established by the 1988 Resolution or the 1988 Trust Agreement, including any pledge of or liens on the Stadium Facility as security for the payment of principal of and interest on the 1988 Bonds. In addition the Authority shall do any and all further acts as may be necessary to release and terminate any and all rights granted under • the 1988 Resolution or the 1988 Trust Agreement in and to property, funds or future revenues of the Authority or its Stadium Facility. Section 6. Payment of 1988 Bonds. (a) The Escrow Trustee shall serve as the Registrar and Paying Agent for the 1988 Bonds. (b) Except as provided in Section 8 hereof, this Escrow Agreement has been entered into solely for the benefit of the holders or owners of the 1988 Bonds, and the holders of owners of the 1988 Bonds shall have an express first lien on all moneys in the Escrow Fund until such moneys are used and applied as provided in this Agreement. Neither the Escrow Trustee nor the Authority shall cause or permit any other lien or interest whatsoever to be -7-