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(n) "Federal Securities" means direct obligations of the United States of America and obligations the principal of or interest on which are fully guaranteed by the United States of America, none of which permit redemption prior to maturity at the option of the obligor. (o) "Paying Agent" shall mean (1) with respect to the Bonds, The Bark of New York (formerly known as Barnett Banks Trust Company, N.A.), Jacksonville, Florida. Section 2. Deposit of Funds. The City hereby deposits $__ _ with the Escrow Holder in immediately available funds, to be held in irrevocable escrow by the Escrow Holder and applied solely as provided in this Agreement. The City represents that: (a) Such funds are all derived as follows: (1) $ the County, and from the Acquisition Price provided by [ (2) $ transferred from the funds held for the payment of the Defeased Bonds.) (b) Such funds, when applied pursuant to Section 3 below, will at least equal the Escrow Requirement as of the date hereof. Section 3. Use and Investment of Funds. The Escrow Holder acknowledges receipt of the sum described in Section 2 and agrees: (a) to hold the funds in irrevocable escrow during the term of this Agreement, (b) to deposit the sum of $ from such sum in cash in the Escrow Account, (c) to immediately invest $ of such funds by the purchase of the Federal Securities set forth on Schedule C attached hereto, (d) to deposit in the Escrow Account, as received, the receipts of maturing principal of and interest on the Federal Securities in the Escrow Account. (e) there will be no investment of funds except as set forth in this Section 3 and except as set forth in Section 5. •x .�.PIV (a) Defeased Bonds. on each interest payment date for the Defeased Bonds, the Escrow Holder shall pay to the Paying Agent for the Defeased Bonds, solely from the cash on hand in the Escrow Account, a sum sufficient to pay that portion of the annual Debt 91