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I—] <br />4W <br />Mi <br />(f) "Escrow Requirement" means, as of any date of calculation, the sum of an amount in cash <br />and principal amount of Federal Securities in the Escrow Account which together with the interest <br />to become due on the Federal Securities will be sufficient to pay the Total Debt Service on the <br />Defeased Bonds in accordance with Schedule A. <br />(g) "Federal Securities" means any bonds or other obligations which as to principal and <br />interest constitute direct obligations of, or are unconditionally guaranteed by, the United States of <br />America, none of which permit redemption at the option of the United States of America prior to the <br />dates on which such Federal Securities shall be applied pursuant to this Agreement. The term <br />"Federal Securities" shall not include money market funds invested in obligations described in this <br />definition. <br />(h) "Issuer" means Indian River County, Florida, and its successors and assigns <br />0) "Bond Resolution" means Resolution No, 85-75 adopted on July 10, 1985, as amended, <br />supplemented and restated by Resolution No. 85-125, adopted on October 23, 1985, as amended and <br />supplemented (collectively, the 1985 Bond Resolution") and Resolution No. 92-216 adopted on <br />November 24, 1992 (the "1992 Bond Resolution," together with the 1985 Bond Resolution, the <br />"Bond. Resolution"). <br />0) "Defeasance Resolution" means Resolution No. 2000-086, adopted August 15, 2000, <br />authorizing defeasance of the Defeased Bonds. <br />(k) "Defeased Bonds" means the Indian River County, Florida Refunding Revenue Bonds, <br />Series 1992 to be defeased as identified on Schedule A attached hereto. <br />(1) "Total Debt Service" means the sum of the principal, premium and interest remaining <br />unpaid with respect to the Defeased Bonds in accordance with Schedule A attached hereto. <br />SECTION 2. DEPOSIT OF FUNDS. The Issuer hereby deposits $3,529,365.93 with the <br />Escrow Holder for deposit into the Escrow Account, in immediately available funds, which funds the <br />Escrow Holder acknowledges receipt of, to be held in irrevocable escrow by the Escrow Holder <br />separate and apart from other funds of the Escrow Holder and applied solely as provided in this <br />Agreement. The Issuer represents that such funds are at least equal to the Escrow Requirement as <br />of the date of such deposit. <br />SECTION 3. USE AND INVESTMENT OF FUNDS. The Escrow Holder acknowledges <br />receipt of the sum described in Section 2 and agrees: <br />(a) to hold the funds and investments purchased pursuant to this Agreement in irrevocable <br />escrow during the terra of this Agreement for the sole benefit of the holders of the Defeased Bonds; <br />