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WRIT "All <br />ESCROW AGREEMENT <br />THIS ESCROW AGREEMENT, made and entered into this 20th day of <br />December, 1989 (the "Agreement", which term Sometimes is referred to in this <br />document by use of such terms as "hereof", "herein", "hereby" or "hereunder"), <br />but effective as of the date of delivery hereof by the parties hereto, by and <br />between INDIAN RIVER COUNTY, FLORIDA (the "County"), party of the first part, <br />and FLORIDA NATIONAL BANK (the "Escrow Agent"), a national banking association <br />with trust powers, having a corporate trust office in the City of St. Petersburg, <br />Florida, as paying agent tinder the Resolution (hereinafter identified), party <br />of the second part. <br />WITNESSETH; <br />WHEREAS, The Board of County Commissioners (the "Board") of the <br />County heretofore duly adopted a resolution, designated as Resolution No. 86- <br />36, on June 18, 1986 (referred to herein as the "Resolution"), under which bond <br />anticipation notes of the County were authorized to be issued; and <br />WHEREAS, The County heretofore authorized and issued, and the Escrow <br />Agent, as paying agent, authenticated, inter alla, a series of bond anticipation <br />notes under the Resolution, designated specifically as "Vater and Sewer Revenue <br />Bonds, Series 1986, Anticipation Notes", dated as of December 1, 1987, in the <br />aggregate principal amount of $9,200,000 (the 111986 Notes"); and <br />tMEREAS, The 1986 Notes are the only series of notes outstanding <br />under the Resolution; and <br />WHEREAS, The County, in accordance with the rights and privileges <br />reserved to it in the 1986 Notes and under the Resolution, has exercised its <br />