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1995-102
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1995-102
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Last modified
3/28/2019 2:32:22 PM
Creation date
2/27/2019 11:29:48 AM
Metadata
Fields
Template:
Resolutions
Resolution Number
1995-102
Approved Date
09/12/1995
Resolution Type
Utilities
Entity Name
City of Sebastian
Subject
Water and Sewer System from Sebastian to County
Area
Interlocal Agreement
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ESCROW DEPOSIT AGREEMENT <br />This ESCROW DEPOSIT AGREEMENT, dated as of c^] geptepabor 21, <br />1995, by and among the CITY OF SEBASTIAN, FLORIDA, a municipal <br />corporation of the State of Florida (the "City"), TNDiAN RIVER <br />COUNTY, FLORXDA, a poli ical subdiv4tion of the State of Florida <br />(the "County") and [^] 111E BANS OV NEW YORK TRUST COMPmy__-OF <br />ZLQRIRA. N.A. nasi, al banking Absociation organized under the <br />laws of the Un�: ed Sta es of Americ, as Escrow Holder (the "Escrow <br />Holder"); <br />W Y T N E S E T H <br />WHEREAS, ity has `reviously authorized and issued <br />obligations of � ity as hereinafter set forth defined as the <br />"Defeased Bonds"." a proceedslttof which were used to finance the <br />acquisition and/or construction of certain improvements to the <br />City's co EA ined, ;uti ity syste (the "System"); and <br />WHERthe ity \no -a deires to transfer and sell the System <br />to the County ukqu nt to the,;provisions of an Interlocal Agreement <br />between the City d the`,Couility (the "Acquisition Agreement"); and <br />t <br />WHEREAI--,, u ant to`Ithe Acquisition Agreement, the City and <br />the County hav ...ag eed that the purchase price to be paid by the <br />County for the yAt m (the "Acquisition Price") will be the, amount <br />necessary to prove, a for the',Oefeasance of the Defeased Bondsi and <br />r - <br />WHEREAS, tie mount othe Aggregate Debt Service (as <br />hereinafter define._ ) for su h`,, Defeased Bonds in net forth on <br />Schedule A; an, <br />WHEREAS, the `City has agreed', to provide for payment of the <br />Aggregaib.;Debt Servit of the Defeasi ed Bonds by depositing with the <br />Escrow holder pursua t to the provisions hereof and of the <br />Acquisition Agreement, ash and Fedeial Securities provided by the <br />County, the principal of and interest on which will be at least <br />equal to such Aggregate Debt Service; and <br />WHEREAS, the ibity and the County have determined that the <br />amount to be on deposit from time to time in the Escrow Account, ae <br />defined herein, will be sufficient to pay the Aggregate Debt <br />Service; <br />NOW THEREFORE, in consideration of the mutual covenants and <br />agreements herein contained, the City, the County and the Escrow <br />Holder agree as follows: <br />Section 1. Defines. As used herein, the following terms <br />mean: <br />
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