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Dist. Agmt. No. 4-1041-EA <br /> <br /> (5) The purpose of this Amended Escrow Agreement is to <br /> provide the terms and conditions for the deposit by CITY of suf- <br /> ficient funds with ESCROW AGENT to assure STATE that funds in the <br /> amount necessary to meet STATE's required expenditures for the <br /> CITY's share of the PROJECT will be available as needed. <br /> <br /> SECTION I <br /> <br /> CITY AGREES: <br /> <br /> (1) To deliver to ESCROW AGENT monies, certificates of <br />deposit or negotiable securities acceptable to ESCROW AGENT in <br />the amount of three million five hun~re~ forty thousand dollars <br />($3,540,000), legal tender of the United States of America, <br />within 25 days after receipt of notification from STATE of the <br />a~vertisement of bids for the construction of PROJECT by STATE. <br /> <br /> (2) To maintain on deposit at all times subsequent to <br />the initial deposit and prior to termination of the escrow cre- <br />ated by this agreement funds equal to the CITY's share of the re- <br />maining cost of the PROJECT, less any funds on deposit with <br />STATE. Said remaining deposit shall include, but not be limited <br />to, claims which have been or may be filed by the contractor, <br />said amount as determined by STATE, or three hundred ninety thou- <br />sand dollars ($390,000), whichever is greater. ~ <br /> <br /> (3) To pay directly to ESCROW ~GENT all charges billed <br />and incurred by ESCROW AGENT for services performed by ESCROW <br />AGENT under this Escrow Agreement, including, but net limited to <br /> <br /> -2- <br /> <br /> <br />