1998-10-19 Resolution 130 - Laserfiche WebLink

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C~ U 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 Prior Bonds. (a) There is hereby created and established with the Escrow Trustee a special and irrevocable trust fund designated the "South Bend Redevelopment Authority 1998 Lease Rental Revenue Refunding Bond Escrow Fund" (the "Escrow Fund"). The Escrow Fund will contain the Governmental Obligations purchased with the proceeds of the 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 and premium of and interest on the Prior Borids to and including March 1, 2001. (b) The Authority will deposit, or cause to be deposited, $ which amount equals proceeds derived from the sale of the Bonds in an amount of $ ,plus the amount equaling $ available from the funds held by the Prior Trustee pursuant to the Prior Trust Agreement, 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 Prior Bonds. (c) The Authority represents that:. (i) the funds deposited pursuant to Section 3(b) are derived from the proceeds of the Bonds and also funds available under the Prior Trust Agreement; and • :ODMA\PCDOCS\SBDOCS 1 \24205\2 -5-