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in the manner herein specified until all of the Bonds and the interest thereon have been fully <br />paid. There shall be maintained in the Fund the following separate accounts. <br />(a) Escrow Account. The Escrow Account is established for the Refunded 1998 <br />Bonds and Refunded 2001 Bonds and shall be maintained as an escrow account with U.S. Bank <br />National Association (the "Escrow Agent"), in St. Paul, Minnesota, which is a suitable financial <br />institution within or without the State whose deposits are insured by the Federal Deposit <br />Insurance Corporation and whose combined capital and surplus is not less than $500,000. The <br />moneys in the Escrow Account shall be used solely for the purposes herein set forth and for no <br />other purpose, except that any surplus in the Escrow Account may be remitted to the City, all in <br />accordance with an agreement (the "Escrow Agreement") by and between the City and Escrow <br />Agent, a form of which agreement is on file in the office of the Clerk. Any moneys remitted to <br />the City upon termination of the Escrow Agreement shall be deposited in the Debt Service <br />Account. There shall be maintained the following separate subaccounts in the Escrow Account <br />to be designated the "Refunded 1998 Bonds Subaccount and the "Refunded 2001 Bonds <br />Subaccount." $1,359,085.08 of the proceeds of the sale of the Bonds and $225,150.74 in <br />available City funds shall be deposited with the Escrow Agent and applied to pay costs of issuing <br />the Bonds. There are hereby irrevocably appropriated and pledged to, and there shall be credited <br />to the separate subaccounts of the Escrow Account: <br />(i) Refunded 1998 Bonds Subaccount. $403,512.03 of the proceeds of the sale of <br />the Current Refunding Portion of the Bonds, together with all investment earnings <br />thereon, shall be deposited with the Escrow Agent in, and are hereby irrevocably pledged <br />and appropriated to, the Refunded 1998 Bonds Subaccount. The Refunded 1998 Bonds <br />Subaccount shall be invested in securities maturing or callable at the option of the holder <br />on such dates and bearing interest at such rates as shall be required to provide sufficient <br />funds, together with any cash or other funds retained in the Refunded 1998 Bonds <br />Subaccount, to pay when called for redemption on October 1, 2010, the principal amount <br />of, and accrued interest on, the Refunded 1998 Bonds. <br />(ii) Refunded 2001 Bonds Subaccount. $955,573.05 of the proceeds of the sale <br />of the Refunded Advance Refunding Portion of the Bonds, together with all investment <br />earnings thereon, shall be deposited with the Escrow Agent in, and are hereby irrevocably <br />pledged and appropriated to, the Refunded 2001 Bonds Subaccount. The Refunded 2001 <br />Bonds Subaccount shall be invested in securities maturing or callable at the option of the <br />holder on such dates and bearing interest at such rates as shall be required to provide <br />sufficient funds, together with any cash or other funds retained in the Refunded 2001 <br />Bonds Subaccount to pay when due the accrued interest, the principal amount of <br />outstanding Prior 2001 Bonds to the date called for redemption and to pay any premium <br />required for redemption. <br />(b) Debt Service Account. There are hereby irrevocably appropriated and pledged to, <br />and there shall be credited to, the Debt Service Account: (i) all accrued interest received upon <br />delivery of the Bonds; (ii) all funds paid for the Bonds in excess of the minimum bid; (iii) any <br />collections of all taxes herein or hereafter levied for the payment of the Bonds and interest <br />thereon; (iv) on and after the Call Date, any unexpended moneys in the Series 1998 Public <br />Project Revenue Bond Fund created by the Prior 1998 Resolution; (v) after February 1, 2011, <br />14 <br />2582009vl <br />