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85-063
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85-063
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<br />. <br /> <br />thereon and any amount paid for the Bonds in excess of <br />$2,161,500 (unless used to help fund the Escrow Account), and <br />less such Bond proceeds (if any) as may be used to pay issuance <br />expenses, fluS other available municipal funds (estimated at <br />$ 297,096,23 as may berequired to adequately fund the Escrow <br />Account for the purposes set forth in subpara<jraph (a) below, <br />are hereby pledged and appropriated and shall be credited to <br />the Escrow Account, <br /> <br />(a) The Escrow Account shall defease the Refunded <br />Bonds, The Escrow Account shall be deposited in escrow. <br />with First Trust Company, Inc. (the "Escrow Agent") in St, <br />Paul, Minnesota, a suitable banking institution within the <br />State, whose deposits are insured by the Federal Deposit <br />Insurance Corporation and whose combined capital and <br />surplus is not less than $500,000, and shall be invested <br />in securities maturing or callable at the option of the <br />holder on such dates and bearing interest at such rates as <br />shall be required to provide sufficient funds, together <br />with any cash or other funds retained in the Escrow <br />Account, to pay when due the interest to accrue on each <br />Refunded Bond to its maturity or to the date on which it <br />is called for redemption as herein provided and to pay the <br />principal amount of each such obligation at maturity or on <br />the date on which it has been called for redemption and to <br />pay any premium required for redemption on such date, and <br />the monies in said Escrow Account shall be used solely for <br />the purposes herein set forth and for no other purpose, <br />except that any surplus in said, Escrow Account may be <br />remitted to the City, all in accordance with an agreement <br />(the "Escrow Agreement"), between the City and Escrow <br />Agent, a form of which agreement is on file in the office <br />of the Clerk. <br /> <br />(b) There is hereby pledged and appropriated and <br />there shall be credited to the Debt Service Account upon <br />issuance of the Bonds (i) any uncollected special <br />assessments and taxes heretofore levied and pledged to the <br />Debt Service Account of the Refunded Bonds; (ii) any other <br />unexpended monies pledged to the Debt Service Account of <br />the Refunded Bonds pursuant to the Resolution of the City <br />Council adopted March 25, 1985 authorizing the issuance of <br />the Refunded Bonds (unless used to fund the Escrow <br />Account); (iii) all taxes herein levied; (iv) all accrued <br />interest received upon delivery of the Bonds (unless used <br />to fund'the Escrow Account); and (v) any amount paid for <br />the Bonds in excess of $2,161,500 (unless used to fund the <br /> <br />. <br /> <br />15 <br />
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