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SECTION 6. ESCROW DEPOSIT AGREEMENT. The execution and <br />delivery of the Escrow Deposit Agreement (the "Escrow Deposit <br />Agreement") to provide for the deposit of Federal Securities with <br />the Escrow Holder to accomplish the defeasance of the City Bonds, <br />in substantially the form attached hereto as Exhibit B, is hereby <br />approved, and the Chairman, Vice Chairman and County Clerk are <br />hereby authorized and directed to execute the Escrow Deposit <br />Agreement in substantially the form attached hereto to indicate the <br />County's acceptance thereof, subject to such changes, insertions or <br />omissions as may be approved by the Chairman, Vice Chairman and <br />County Clerk executing same, and the execution of the acceptance of <br />the Escrow Deposit Agreement by such authorized officer of the <br />County shall be conclusive evidence of any such approval. <br />SECTION 7. PURCHASE OF FEDERAL SECURITIES. The Clerk of the <br />Circuit Court in and for Indian River County, in consultation with <br />the Director of the Office of Management and Budget, is hereby <br />authorized to select and purchase the Federal Securities for <br />deposit to the Escrow Account created under the Escrow Deposit <br />Agreement. <br />SECTION 8. ESCROW HOLDER. The Bank of New York is hereby <br />appointed to serve as Escrow Holder under the Escrow Deposit <br />Agreement. <br />SECTION 9. DECLARATION OF INTENT. The County hereby expresses <br />its intention to be reimbursed from proceeds of a future tax-exempt <br />financing for capital expenditures to be paid by the County in <br />connection with the acquisition of the City System through the <br />5 <br />