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secured as to both principal and interest by obligations of the <br />kind described in (i) above of a bank or banks. <br />Section 2. Appointment and Acceptance of Escrow Trustee. <br />The Authority hereby confirms the appointment by Resolution No. <br />adopted by the Authority on November , 1991, of the <br />Escrow Trustee and the Escrow Trustee hereby confirms its <br />acceptance of its appointment as Escrow Trustee. The Escrow <br />Trustee hereby agrees to perform the duties set forth herein with <br />respect to the refunding of the 1988 Bonds and the duties imposed <br />upon the Escrow Trustee as Trustee under the Trust Agreement. The <br />Escrow Trustee further represents that it has all requisite power, <br />and has taken all corporate actions necessary, to execute and <br />deliver this Agreement and to perform its duties hereunder and that <br />this Agreement in no way limits or alters its duties as Trustee <br />• <br />under the Trust Agreement. <br />Section 3. Creation of Escrow Fund and Deposit of Funds <br />for Payment of 1988 Bonds. <br />(a) There is hereby created and established with the <br />Escrow Trustee a special and irrevocable trust fund designated the <br />"South Bend Redevelopment Authority Refunding Taxable Lease Rental <br />Revenue Bond Escrow Fund" (the "Escrow Fund"). The Escrow Fund <br />will contain the proceeds of the 1991 Bonds deposited pursuant to <br />this Section 3, which together with interest earnings thereon will <br />be sufficient to pay all principal of and interest on the 1988 <br />Bonds to and including January 7, 1991. <br /> <br />-5- <br />