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full payment of the principal of and interest on the Series of 1977 Bonds <br />that remain outstanding as the same shall become due for payment at <br />maturity in accordance with the terms of the Series of 1977 Bonds and the <br />Resolution, by making a deposit in the Sinking Fund created in the <br />Resolution sufficient in amount such that the aggregate amount of money in <br />the Sinking Fund and in the Reserve Account created under the Resolution <br />shall be sufficient to pay all principal of the Series of 1977 Bonds and <br />the interest to become due and payable thereon through and including the <br />respective maturity dates; and <br />WHEREAS, The County and the Bank desire to enter into this <br />Agreement so that funds deposited in the Sinking Fund by the County shall <br />be held in escrow by the Bank and applied by the Bank, in its capacity as <br />paying agent for the Series of 1977 Bonds, to the payment of the Series of <br />1977 Bonds in accordance with the provisions hereof; and <br />WHEREAS, The County and the Bank desire to agree with respect to <br />disposition of money which shall represent income derived and/or profits <br />realized from such investment and/or deposit of money so held by the Bank. <br />NOW, THEREFORE, the County and the Bank, each intending to be <br />bound legally, covenant and agree as follows: <br />1. The Bank acknowledges to the County that the County, <br />simultaneously with the execution and delivery of this Agreement, has <br />deposited or caused to be deposited with the Bank the United States of <br />America Certificates of Indebtedness, Notes and/or Bonds, State and Local <br />Government Series or other direct obligations of the United States of <br />- 2 - <br />