1998-10-19 Resolution 130 - Laserfiche WebLink

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• owners of the Prior 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 Prior Bonds shall remain an obligation of the Authority but shall only be payable from the Escrow Fund. Section 7. Redemption of the Prior Bonds. (a) The Escrow Trustee acknowledges receipt of the Prior Resolution, the Prior Trust Indenture, 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 Agent shall cause to be given the notice or notices of redemption of the Prior Bonds as required in accordance with the Prior Trust Agreement and sufficient to redeem the Prior Bonds on March 1, 2001. The Escrow Agent, as Prior Trustee, shall also cause to be given any other notices of redemption with regard to the Prior Bonds as may otherwise be required by law. (c) Right, title and interest of the Prior Trustee under the Prior Trust Agreement shall cease upon deposit of the amount in Section 3(b) and investment thereof pursuant to Section 4(a) so that the principal thereof and the interest thereon when due will provide sufficient monies. to redeem the Prior Bonds. The Escrow Agent, as Prior Trustee, agrees to release the Prior Trust Agreement and agrees to execute any documents to evidence such release as may be reasonably required by the Authority. • ::ODMA\PCDOCS\SBDOCSl\24205\2 _g