1998-10-19 Resolution 130 - Laserfiche WebLink

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• thereto and interest earned thereon, shall be held in trust and shall be applied solely to the payment of the principal of and interest on the Prior Bonds, and then as provided in Section 8 hereof. (c) Investment of the Escrow Fund shall mature prior to the time the funds invested will be needed for payment of principal of and interest in the Prior Bonds. Section 5. Release of Security. Simultaneously with the issuance of the Bonds and the creation of the Escrow Fund and in accordance with the provisions of the Refunding Bond Resolution, the Prior Trustee shall release and terminate the pledge of any and all moneys held in any fund or account established by the Prior Resolution or the Prior Trust Agreement and including any pledge of or liens on the Blackthorn Golf Course Project as security for the payment of principal of and interest on the Prior Bonds and shall release the Prior Trust Agreement. In addition, the Prior Trustee shall do any and all further acts as may be necessary to release and terminate any and all rights granted under the Prior Resolution or the Prior Trust Agreement in and to property, funds or future revenues of the Authority or its respective projects. Section 6. Payment of Prior Bonds. (a) The Escrow Agent shall serve as the Registrar and Paying Agent for the Prior Bonds; (b) On each principal and interest payment date or redemption date for the Prior Bonds, the Escrow Trustee shall pay that portion of the Annual Debt Service coming due on such date, as shown at Exhibit B attached hereto. (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 Prior Bonds, and the holders of • ::ODMA\PCDOCS\SBDOCS l\24205\2 'T