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Res-2020-010
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2020-01-21 10:00 AM - Commissioners' Agenda
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Res-2020-010
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Last modified
1/29/2020 9:26:41 AM
Creation date
1/29/2020 9:25:20 AM
Metadata
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Meeting
Date
1/21/2020
Meeting title
Commissioners' Agenda
Location
Commissioners' Auditorium
Address
205 West 5th Room 109 - Ellensburg
Meeting type
Regular
Meeting document type
Fully Executed Version
Supplemental fields
Alpha Order
h
Order
8
Placement
Consent Agenda
Row ID
59336
Type
Resolution
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EXHIBIT A <br />ESCROW DEPOSIT AGREEMENT <br />KITTITAS COUNTY, WASHINGTON <br />LIMITED TAX GENERAL OBLIGATION REFUNDING BOND, 2020 <br />THIS ESCROW AGREEMENT, dated as of , 2020 (herein, together with <br />any amendments or supplements hereto, called the "Agreement") is entered into by and between <br />Kittitas County, Washington (herein called the "County"), and U.S. Bank National Association, <br />Seattle, Washington, as Escrow Agent (herein, together with any successor in such capacity, <br />called the "Escrow Agent"). The notice addresses of the County and the Escrow Agent are <br />shown on Exhibit A attached hereto and made a part hereof. <br />WITNESSETH: <br />WHEREAS, the County heretofore has issued and there presently remain outstanding the <br />obligations described in Exhibit B attached hereto (the "Refunded Bonds"); and <br />WHEREAS, pursuant to Resolution No. 2020- passed on January 21, 2020 (the <br />"Bond Resolution"), the County has determined to issue its Limited Tax General Obligation <br />Refunding Bond, 2020 (the "Bond"); and <br />WHEREAS, the proceeds of the Bond are being used for the purpose of providing funds <br />to pay the costs of refunding the Refunded Bonds; and <br />[WHEREAS, 1 Certified Public Accountants, of , <br />has prepared a verification certificate which is dated 2020 (the <br />"Verification Certificate") relating to the source and use of funds available to accomplish the <br />refunding of the Refunded Bonds, the investment of such funds and the adequacy of such funds <br />and investments to provide for the payment of the debt service due on the Refunded Bonds; and] <br />WHEREAS, simultaneously herewith, the County is entering into a Cost of Issuance <br />Agreement with the Escrow Agent to provide for the payment of costs of issuance relating to the <br />Bond; and <br />WHEREAS, pursuant to the Bond Resolution, the Refunded Bonds have been designated <br />for redemption prior to their scheduled maturity dates and, after provision is made for such <br />redemption, the Refunded Bonds will come due in such years, bear interest at such rates, and be <br />payable at such times and in such amounts as are set forth in Exhibit C attached hereto and made <br />a part hereof, and <br />WHEREAS, when Escrowed Securities have been deposited with the Escrow Agent for <br />the payment of all principal and interest of the Refunded Bonds when due, then the Refunded <br />Bonds shall no longer be regarded as outstanding except for the purpose of receiving payment <br />from the funds provided for such purpose; and <br />A-1 502686980 v1 <br />
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