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1992-06-23 Resolution 57
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1992-06-23 Resolution 57
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7/18/2008 5:29:58 PM
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(c) The Authority represents that: <br />(i) the funds deposited pursuant to Section 3(b) <br />are derived from the proceeds of the 1992 Bonds; and <br />(ii) Based upon the verification report delivered <br />by in connection with the refunding of the 1988 <br />Bonds, the principal of the Governmental Obligations, as set forth <br />at Exhibit B, attached hereto, together with interest to be earned <br />thereon, will be sufficient to satisfy the Escrow Requirement as <br />of the Issuance Date. <br />Section 4. Use and Investment of Funds. <br />(a) The Escrow Trustee acknowledges receipt of the funds <br />described in Section 3(b) hereof and agrees: <br />(i) To hold the funds described in Section 3(b) in <br />w• irrevocable escrow in the Escrow Fund during the term of this <br />Agreement; and <br />(ii) To apply immediately $ of such <br />funds to the purchase of the Governmental Obligations set forth at <br />Exhibit B; and <br />(iii) To deposit in the Escrow Fund, as received, <br />all payments of principal of and interest on the Governmental <br />Obligations. <br />(b) The deposit and purchase, pursuant to this Section <br />4, of the Governmental Obligations in the Escrow Fund shall <br />constitute an irrevocable deposit of such moneys, and the interest <br />earned thereon and any increment thereto, first for the benefit of <br />the holders of the 1988 Bonds and then as provided in Section 8 <br /> <br />-7- <br />
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