1998-10-19 Resolution 130 - Laserfiche WebLink

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• (ii) Based upon the verification report delivered by Crowe, Chizek and Company LLP, in connection with the refunding of the Prior Bonds, the principal of the Governmental Obligations, as set forth at Exhibit B, attached hereto, together with interest to be earned thereon, will be sufficient to satisfy the Escrow Requirement as of the Issuance Date. Section 4. Use and Investment of Funds. (a) The Escrow Trustee acknowledges receipt of the funds described in Section 3(b) hereof and agrees: (i) To hold the funds described in Section 3(b) in irrevocable escrow in the Escrow Fund during the term of this Agreement; and (ii) To apply immediately, after written direction of the Authority, • $ of such funds to the purchase of the Governmental Obligations set forth at Exhibit B; and (iv) (iii) To hold uninvested an amount of such funds equaling and 00/100 ($ .00). To deposit in the Escrow Fund, as received, all payments of principal of and interest on the Governmental Obligations. (b) The deposit and purchase, pursuant to this Section 4, of the Governmental Obligations 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 Prior Bonds and then as provided in Section 8 hereof, and such moneys, together with any increment • ::ODMA\PCDOCS\SBDOCS 1\24205\2 "("