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SECOND DRAFT - November 23, 1992 <br />31583 ESCROW AGREEMENT <br />THIS ESCROW AGREEMENT, dated as of December 1, 1992, but effective <br />as of the date of delivery hereof (the "Agreement", which term sometimes is <br />referred to in this document by use of such terms as "hereof", "herein", "hereby" <br />or "hereunder"), by and between INDIAN RIVER COUNTY, FLORIDA (the "County"), a <br />political subdivision of the State of Florida (the "State"), party of the first <br />part, and NATIONSBANK OF FLORIDA, N.A. (the "Escrow Agent"), having a corporate <br />trust office in Fort Lauderdale, Florida, as escrow agent, party of the second <br />part. <br />WITNESSETH: <br />WHEREAS, The Board of County Commissioners (the "Governing Body") of <br />the County, by Resolution No. 85-75 duly adopted, in accordance with law, on July <br />10, 1985, as amended and supplemented (the "Master Bond Resolution"), has <br />authorized issuance of Refunding and Improvement Revenue Bonds in an aggregate <br />principal amount of not exceeding $25,000,000, to refund certain obligations <br />previously issued and to provide funds for the construction, reconstruction, <br />furnishing and equipping of certain capital facilities for the County, such bonds <br />to be payable from the sales tax revenues of the County; and <br />WHEREAS, The Governing Body, by Resolution No. 85-126 duly adopted, <br />in accordance with law, on October 23, 1985 (the "Series 1985 Bonds Enabling <br />