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<br />t, <br /> <br />ESCROW AGREEMENT <br /> <br />GENERAL OBLIGATION IMPROVEMENT BONDS, <br />SERIES 5 'THROUGH 11, <br />CITY OF ROSEVILLE, MINNESOTA <br /> <br />THIS AGREEMENT, made pursuant to Minnesota Statutes, Section 475.67, (4~Ct) <br />and executed by and between the City of Roseville, Ramsey County, Minnesota (City), <br /> <br />and American National Bank and Trust Company, St. Paul, Minnesota, a banking <br />corporation whose deposits are insured by the Federal Deposit Insurance Corporation <br /> <br />and whose capital and surplus is not less than $500,000 (Escrow Agent): <br /> <br />WITNESSETH: That the parties hereto recite and, in consideration of the mutual <br /> <br />covenants contained herein, covenant and agree as follows: <br /> <br />1. The City, in accordance with a resolution adopted by its governing body on <br />February 26, 1990 entitled "Resolution Relating to General Obligation <br />Improvement Bonds, Series 5 Through 11 of the City; Providing for the <br />Defeasance of the Bonds; Calling Certain Bonds for Redemption and <br />Prepayment; Transferring Funds and Authorizing the Issuance and Sale of <br />General Obligation Refunding Improvement Bond (Special Series 1990)" <br />(Resolution), a certified copy of which has been filed with the Escrow <br />Agent, has provided for the defeasance of certain outstanding general <br />obligation bonds (Bonds) of the City, described in the Resolution. <br /> <br />2. The City has also, in accordance with the Resolution appropriated the <br />amount of $6,576,040 for purchase of securities which are general <br />obligations of the United States, securities whose principal and interest <br />payments are guaranteed by the United States, or securities issued by <br />agencies of the United States, as described in the schedule which is <br />attached hereto, marked Exhibit A and made a part hereof, and has <br />irrevocably deposited all such funds and securities with the Escrow Agent <br />on the date of this Agreement. It is understood and agreed that the dates <br />and amounts of payments of principal and interest due on the securities so <br />deposited are as indicated in Exhibit A, and that the cash deposited and the <br />principal and interest payments due on such securities are such as to <br />provide the funds required to pay all principal and interest payable on the <br />Bonds, on and prior to their respective maturity dates and at their <br />RedelTlption Dates, as the case may be, as stated in the Resolution. The <br />Bonds are the fOllo·Ning: <br />