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SEF 7 <br />(n) "Federal Securities" means direct obligations of the <br />United States of America and obligations the principal of or <br />interest on which are fully guaranteed by the United States of <br />America, none of which permit redemption prior to maturity at the <br />option of the obligor. <br />(o) "Paying Agent" shall mean (1) with respect to the Bonds, <br />The Bank of mew York (formerly known as Barnett Banks Trust <br />Company, N.A.), Jacksonville, Florida. <br />Section 2. De2oSit of Funds. The City hereby deposits (^] <br />25,060,152.67 with the Escrow Holder in immediately available <br />funds, to be held in irrevocable escrow by the Escrow Holder and <br />applied solely as provided in this Agreement. The City represents <br />that: <br />(a) Such funds are all derived as follows: <br />(1) t"] $4,131,031.91 from the Acquisition Price <br />provided by the county, <br />(-](2) (A] $126,741.25 transferred from the sinking <br />funds held for -the payment of the Oefeased Bonds[A].,L- <br />33S3T.vO transferred from the reserve fund held. <br />for tbe_. pefeased_Bond_ s, and <br />(b) Such funds, when applied pursuant to Section 3 below, <br />will at least equal the Escrow Requirement as of the date hereof. <br />Section 3. K e and investment of Vanda. The Escrow Holder <br />acknowledges receipt of thO sum described in section 2 and agrees: <br />(a) to hold the funds in irrevocable escrow during the term <br />of this Agreement, <br />(b) to deposit the sum of [A] X122.43 fr.ov such sum in Gash <br />in the Escrow Account, <br />(c) to immediately invest ("] gS,047AtIQ.LU of such funds by <br />the purchase of the Federal Securities set forth on Schedule c <br />attached hereto, <br />Ecrow�a)lder its one <br />A20,600.00. and <br />Ki <br />