1991-11-13 Resolution 45 - Laserfiche WebLink

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t imposed upon the Escrow Fund and the Escrow Trustee hereby • specifically waives any charging lien or other lien to which it may be entitled pursuant to any law. If the Authority has deposited funds sufficient to pay the principal and interest due on the 1988 Bonds with the Escrow Trustee and if the Authority has provided notice of redemption to the trustee as required by the 1988 Trust Agreement, the Authority shall be released from all liability on the 1988 Bonds. Section 7. Redemption of Refunding Bonds. (a) The Escrow Trustee acknowledges receipt of the 1988 Resolution, the 1988 Trust Agreement, the Refunding Bond Resolution, the Trust Agreement and this Agreement. The Escrow Trustee agrees to perform the duties set forth in such documents and in this Agreement or any amendment thereto. The Escrow Trustee • shall cause to be given the notice or notices of redemption of the 1988 Bonds as required in accordance with the 1988 Trust Agreement and sufficient to redeem the 1988 Bonds on or about January 7, 1992. The Escrow Trustee shall also cause to be given any other notices of redemption with regard to the 1988 Bonds as may otherwise be required by law. (b) Right, title and interest of the Escrow Trustee under the 1988 Trust Agreement shall cease upon deposit of the amount in Section 3(b) and investment thereof pursuant to Section 4(c) so that the principal of and the interest on which when due will provide sufficient monies to redeem the 1988 Bonds. The Escrow Trustee agrees to release the 1988 Trust Agreement and • -8-