RES 94046 - Laserfiche WebLink

$ aggregate principal mount of the Authority's Refunding Water and Sewer Revenue Bonds, 1994 Series A end $ aggregate principal amount of the Authori~y's Refunding Lease Revenue Bonds, 1994 Series B (co[[ectively, the "Bonds") have been executed end delivered, end $ has been made available for deposit in the Escrow Fund described below. Additionally, the Initial Trustee shall trensfer remaining proceeds of the 1987 Certificates in the amount ors , end remaining proceeds of the 1988 Certificates in the amount ors , to the Escrow Fund, D. A portion of the proceeds of the sale of the Bonds end the excess preeeeds from the Prior Obligations are being transferred m the Escrow Agent to be applied for the purpose of providing funds which will be sufficient, together with certain invesUnent earnings thereon, to provide for the termination of the pledge of and lien created by the Facility Leases. INSTRUCTIONS I. lnstnlctions to the Escrow AgenL The Corporation hereby directs and instructs the Escrow Agent end the initial Trustee as follows: 1.1 Escrow Fund. The Escrow Agent shall establish end hold in trust. separate and apart from other funds end accounts held by the Escrow Agent, a special fund designated the "Escrow Fund." The Escrow Agent shall administer such fund as provided in these inslructions. Amounts in the Escrow Fund are irrevocably pledged and shall be applied solely for the purposes set forth in these Instructions. The Escrow Fund shall be maintained by the Escrow Agent until all of the 1987 Certificates representing the City's 1987 Rental Payments end all of the 1988 Certificates representing the City's 1988 Rental Payments have been paid in accordance with their terms and these Instructions. 1.2 Deposits to the Escrow Fund; Transfer of Reserve Fund. The Escrow Agent shall deposit in the Escrow Fund the securities listed in Schedule A hereto purch~ed with mone)'s transferred by the 1994 Trustee end the Initial Trustee. Additionally, the EscrOw Agent shall deposit $ as uninvested cash in the Escrow Fund. The Escrow Agent shall hold such securities in the Escrow Fund, subject to the provisions of Article IV hereof. Any remaining amounts shall be held uninvested by the Escrow Agent. On ,1994, the Initial Trustee shall trensfer, from the Reserve Fund held pursuent to the 1987 Trust Agreement, to the 1994 Trustee, for deposit in the Reserve Funds established pursuant to the 1994 Trust Agreements, end from the Reserve Fund held pursuent to the 1988 Trust Agreement, to the 1994 Trustee, for deposit in the Reserve Funds established pursuant to the 1994 Trust Agreements, the amounts and investment designated in Schedule B attached hereto. The 1994 Trustee shall deposit such amounts pursuant to Schedule B. -2-