1992-06-23 Resolution 57 - Laserfiche WebLink

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• agrees to perform the duties set forth herein with respect to the refunding of the 1988 Bonds and the duties imposed upon the Escrow Trustee as Trustee under the Trust Agreement. The Escrow Trustee further represents that it has all requisite power, and has taken all corporate actions necessary, to execute and deliver this Agreement and to perform its duties hereunder and that this Agreement in no way limits or alters its duties as Trustee under the Trust Agreement. Section 3. Creation of Escrow Fund and Deposit of Funds for Payment of 1988 Bonds. (a) There is hereby created and established with the Escrow~•Trustee a special and irrevocable trust fund designated the "South Bend,Redevelopment Authority Lease Rental Revenue Refunding • Bond Escrow Fund" (the "Escrow Fund"). The Escrow Fund will contain the Governmental Obligations purchased with the proceeds of the 1992 Bonds deposited with the Escrow Trustee pursuant to this Section 3, which Governmental Obligations, together with interest earnings thereon, will be sufficient to pay when due at maturity or on the redemption date all principal of and interest on the 1988 Bonds to and including February 1, 1998. (b) The Authority will deposit, or cause to be deposited $ of proceeds derived from the sale of the 1992 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. • -6-