2015-070A - Laserfiche WebLink

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4. There is hereby created and established with the Escrow Agent a special, segregated and irrevocable escrow fund designated the "Indian River County, Florida Limited General Obligation Bonds, Series 2006 Escrow Deposit Fund" (the "Escrow Fund"). The Escrow Fund shall be held in the custody of the Escrow Agent as an escrow fund for the benefit of the holders of the Refunded Bonds, separate and apart from other funds and accounts of the Issuer and the Escrow Agent. The Escrow Agent hereby accepts the Escrow Fund and acknowledges the receipt of and deposit to the credit of the Escrow Fund of the sum of $20,415,118.75 in immediately available funds. The Issuer represents that $20,315,118.75 of such amount constitutes proceeds of the Series 2015 Note, and the remainder of such funds are derived from amounts provided by the Issuer. For purposes of this Agreement, the Escrow Fund shall consist of a single fund with no sub -accounts. 5. The Escrow Agent represents and acknowledges that, subject to the provisions of Section 9 hereof, the amounts deposited into the Escrow Fund shall be held as cash therein. Any securities which shall be purchased for deposit into the Escrow Fund pursuant to Section 9 hereof, shall herein be referred to as the "Escrow Securities." 6. In reliance upon the schedules provided by First Southwest Company, the Issuer represents and warrants that the amount deposited into the Escrow Fund pursuant to Section 4 hereof is sufficient such that moneys will be available to the Escrow Agent in amounts sufficient and at the times required to pay the amounts of principal of, redemption premium, if any, and interest due and to become due on the Refunded Bonds as described in Schedule B attached hereto. If the amount on deposit therein shall be insufficient to make such redemption payments, the Issuer shall timely deposit to the Escrow Fund, solely from legally available funds of the Issuer, such additional amounts as may be required to pay the Refunded Bonds as described in Schedule B hereto. Notice of any insufficiency shall be given by the Escrow Agent to the Issuer as promptly as possible, but the Escrow Agent shall in no manner be responsible for the Issuer's failure to make such deposits. 7. The deposit into the Escrow Fund pursuant to Section 4 hereof shall constitute an irrevocable deposit in trust solely for the payment of the principal of, redemption premium, if any, and interest on the Refunded Bonds at such times and amounts as set forth in Schedule B hereto, and subject to the provisions of Section 9 and Section 17 hereof, such deposit shall be used solely for such purposes. 8. On each date which shall be an interest payment date for any of the Refunded Bonds, the Escrow Agent shall pay to the paying agent for the Refunded Bonds, from the moneys on deposit in the Escrow Fund, a sum sufficient to pay the amount due on the Refunded Bonds at the times provided in Schedule B hereto. The Escrow Agent is also required to pay the paying agent for the Refunded Bonds from the moneys on deposit in the Escrow Fund an amount sufficient to redeem the Refunded Bonds prior to their scheduled maturity dates as contemplated in Schedule B attached hereto. Any Escrow Securities purchased pursuant to Section 9 hereof shall be used to pay the principal of, redemption premium, if any, and interest on the Refunded Bonds as the same mature or are redeemed. If any payment date shall be a day on which either the paying agent for the Refunded Bonds or the Escrow Agent is not open for acceptance or 2