1991-11-13 Resolution 45 - Laserfiche WebLink

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(b) The Authority will deposit, or cause to be deposited • $ of proceeds derived from the sale of the 1991 Bonds with the Escrow Trustee, to be held in irrevocable escrow in the Escrow Fund by the Escrow Trustee and applied solely as provided in this Agreement for the payment of the 1988 Bonds. (c) The Authority represents that the funds deposited pursuant to Section 3(b) are derived from the proceeds of the 1991 Bonds. Section 4. Use and Investment of Funds. (a) The Escrow Trustee and agrees to hold the funds described in Section 3(b) in irrevocable escrow in the Escrow Fund during the term of this Agreement; (b) The deposit, pursuant to this Section 4, of a portion of the proceeds of the 1991 Bonds in the Escrow Fund shall • constitute an irrevocable deposit of such moneys, and the interest earned thereon and any increment thereto, first for the benefit of the holders of the 1988 Bonds and then as provided in Section 8 hereof, and such moneys, together with any increment thereto and interest earned thereon, shall be held in trust and shall be applied solely to the payment of the principal of and interest on the 1988 Bonds, and then as provided in Section 8 hereof. (c) The Escrow Trustee shall, at the direction of the Authority, invest all or so much of the funds as is practicable in Governmental Obligations, to the extent and in the manner permitted by law. Investment earnings shall be credited to the Escrow Fund. The Escrow Trustee is authorized to sell any securities so acquired • -6-