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funds and other money provided by the County shall be used immediately by the Escrow Agent <br />upon receipt thereof in accordance with the terms of the Escrow Agreement to defease the <br />Refunded Bonds as authorized by the 2010 Bond Resolution, and pay costs of issuance of the <br />Bond. The County may defease the Refunded Bonds and discharge such obligations to purchase <br />certain Government Obligations (which obligations so purchased, are herein called "Acquired <br />Obligations"), bearing such interest and maturing as to principal and interest in such amounts <br />and at such times which, together with any necessary beginning cash balance, will provide for <br />the payment of: <br />Date; and <br />(1) Interest on the Refunded Bonds as such becomes due on and prior to Call <br />(2) The redemption price (100% of the principal amount) of the Refunded <br />Bonds payable on Call Date. <br />(c) Escrow Agent/Escrow Agreement. If the Finance Officer determines to utilize the <br />services of an Escrow Agent, the County will utilize the services of U.S. Bank National <br />Association to perform the duties described herein (the "Escrow Agent"). A beginning cash <br />balance, if any, and Acquired Obligations, if any, shall be deposited irrevocably with the Escrow <br />Agent in an amount sufficient to defease the Refunded Bonds. The proceeds of the Bond after <br />acquisition of the Acquired Obligations and provision for the necessary beginning cash balance <br />shall be utilized to pay expenses of the acquisition and safekeeping of the Acquired Obligations <br />and expenses of the issuance of the Bond. <br />In order to carry out the purposes of this section, the County Representative is authorized <br />to execute and deliver to the Escrow Agent, an Escrow Deposit Agreement and a Cost of <br />-14- 502686980 v1 <br />