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required to meet obligations of the County hereunder, promptly shall be returned <br />to the County or shall be disbursed by the Escrow Agent as shall be directed, in <br />writing, by the County. <br />14. Notwithstanding any other provision of this Agreement, (a) <br />investment of the funds held under this Agreement in time deposits or <br />certificates of deposit shall be limited to (i) surplus or excess funds not <br />required to be applied to meet scheduled principal and interest payments as set <br />forth in Paragraph 3 and (ii) balances in the escrow account that are not at the <br />time eligible for investment in State and Local Government Series United States <br />Treasury Obligations and that are in amounts less than which noncallable direct <br />obligations of the United States of America of an appropriate maturity are <br />available for purchase in the open market and (b) at no time may the amount of <br />investment in any time deposit or certificate of deposit exceed the Federally - <br />insured limit for such time deposit or certificate of deposit. <br />14. The County and the Escrow Agent intend to be bound legally <br />hereby. <br />