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Last modified
7/17/2007 8:41:46 AM
Creation date
12/2/2004 10:40:26 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
9956
Resolution Title
Approving Defeasance Program for Certain General Obligation Bonds of the City
Resolution Summary
Incomplete without Escrow signatures
Resolution Date Passed
11/26/2001
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<br />6. Annual Report. By January 31, 2003, and by each January 31 thereafter until <br />termination of the escrow for which provision is herein made, the Agent shall submit to the City <br />a report covering all money it shall have received and all payments it shall have made or caused <br />to be made hereunder during the preceding calendar year. Such report shall also list all <br />obligations held in the Escrow Account and the amount of money existing in the Escrow <br />Account on December 31 of such preceding year. <br /> <br />7. Redemption. The Agent will not less than 45 days nor more than 90 days prior <br />to the designated redemption dates, cause the notice of redemption for the Defeased Bonds <br />attached hereto as Exhibit C, to be mailed to the bank at which principal and interest on the <br />bonds being called for redemption are then payable. <br /> <br />8. Trust: Safekeepine:. It is recognized that title to the securities and money held in <br />the Escrow Account from time to time shall remain vested in the City but subject always to the <br />prior charge and lien thereon of this Escrow Agreement and the use thereof required to be made <br />by the provisions of this Escrow Agreement. The Agent shall hold all such money and <br />obligations in a special trust fund and account separate and wholly segregated from all other <br />funds and securities of the Agent or deposited therein. It is understood and agreed that the <br />responsibility of the Agent under this Escrow Agreement is limited to the safekeeping and <br />segregation of the moneys and securities deposited with it in the Escrow Account and the <br />collection of and accounting for the principal and interest payable with respect thereto. <br /> <br />9. Benefit: Remainine: Balance. This Agreement is made by the City for the <br />benefit ofthe holders of the Defeased Bonds and is not revocable by the City, and the <br />investments and other funds deposited in the Escrow Account and all income therefrom have <br />been irrevocably appropriated for the payment of the Defeased Bonds and interest thereon when <br />due, in accordance with this Escrow Agreement, provided that when all of the Defeased Bonds <br />have been paid in full, with interest thereon, any remaining balance in the Escrow Account shall <br />be remitted to the City. <br /> <br />10. Successors and Assie:ns: Beneficiaries. This Escrow Agreement shall be <br />binding upon and shall inure to the benefit of the City and the Agent and their respective <br />successors and assigns. In addition, this Escrow Agreement shall constitute a third party <br />beneficiary contract for the benefit of the holders of the Defeased Bonds. Said third party <br />beneficiaries shall be entitled to enforce performance and observance by the City and the Agent <br />of the respective agreements and covenants herein contained as fully and completely as if third <br />party beneficiaries were parties hereto. <br /> <br />11. Refundine: or Prepayment of Defeased Bonds. Notwithstanding the foregoing, <br />the City shall not be precluded from refunding the Defeased Bonds or causing them to be prepaid <br />prior to their maturities, and the Agent shall cooperate fully with the City upon its request for <br />such purposed. <br /> <br />12. Mere:er: Resie:nation: Successor. Upon merger or consolidation of the Agent, if <br />the resulting corporation is a bank or trust company authorized by law to conduct such business, <br />such corporation shall be authorized to act as successor Agent. Upon the resignation of the <br /> <br />1335783vl <br /> <br />A-2 <br />
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