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SECOND DRAFT - November 23, 1992 <br />insurance fund administered by the Federal Deposit Insurance Corporation or, to <br />the extent not so insured, are secured as public deposits in accordance with the <br />laws of the State, in each case stated to mature on or prior to the date when <br />such funds are required to be applied for the purposes required hereunder <br />(whereupon the term "Obligations" shall include such reinvestment obligations). <br />Any such Authorized Escrow Investments, other than State and Local Government <br />Series United States Treasury Obligations, shall be purchased in an arm's length <br />transaction and at an open market price; any time deposit or certificate of <br />deposit shall bear interest at the rate paid by the obligor to the general public <br />for deposits of similar size and term. Any earnings realized from such <br />investments or deposits or any other funds on hand from time to time that are not <br />required for application hereunder or purposes hereof shall be paid over to the <br />County, or shall be applied as directed by the County. <br />The Escrow Agent agrees to notify the County of balances to become <br />available for reinvestment as provided in this Paragraph. <br />11. This Agreement shall be binding upon the County and the Escrow <br />Agent and their respective successors in interest, from time to time. <br />12. This Agreement, in general, and each part of this Agreement, in <br />particular, immediately upon execution and delivery hereof and at all times <br />thereafter, shall be and shall be construed to be irrevocable. <br />13. Money, if any, that may be in possession of the Escrow Agent on <br />or after September 1, 1997, pursuant to provisions hereof, and that shall not be <br />- 13 - <br />