1992-06-23 Resolution 57 - Laserfiche WebLink

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(c) Except as provided in Section 8 hereof, this Escrow Agreement has been entered into solely for the benefit of the holders or owners of the 1988 Bonds, and the holders of owners of the 1988 Bonds shall have an express first lien on all moneys in the Escrow Fund until such moneys are used and applied as provided in this Agreement. Neither the Escrow Trustee nor the Authority shall cause or permit any other lien or interest whatsoever to be 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. The 1988 bonds shall remain an obligation of the Authority but shall only be payable from 'the Escrow Fund. Section 7. Redemption of-the 1988 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. (b) 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 February 1, 1998. 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. (c) Right, title and interest of the Escrow Trustee under the 1988 Trust Agreement shall cease upon deposit of the • -9-