RES 94046 - Laserfiche WebLink

The owners of the Prior Obligations shall have an express first and exclusive lien on all funds and amounts, and all earnings thereon and accretions thereto, on deposit in the Escrow Fund with the Escrow Agent in accordance with these lnstn:ctions until used and applied in accordance herewith. IlL LIability. The liability of the Escrow Agent and the Initial Trustee for the payment of moneys $ herein above set forth respecting the payment of the Rental Payments and the payment and prepayment of the Prior Obligations shall be limited solely to the moneys on deposit with the Escrow Agent in the Escrow Fund pursuant to these Instructions, including but not limited to the principal of and interest on the securities and other moneys set forth in Schedule A hereto, available for such purposes. Nalther the Escrow Agent nor the Initial Trustee shall be liable for any loss whatsoever resulting from, nor be required to make up any deficiency with respect to, any investment made pursuant to these Instructions in compliance with the provisions hereof. IV. Investments. In the event that the Escrow Agent shall receive, either upon maturity or redemption of securities set forth in Schedule A or otherwise, moneys into any of the funds and accounts held hereunder which are not immediately disbursed for payment of Rental Payments, the Escrow Agent shall hold such moneys for the benefit of the owners of the Prior Obligations representing the Rental Payments to be made by the City. Any such moneys received with respect to the maturity or redemption of securities set forth in Schedule A shall be kept in the Escrow Fund uninvasted or, upon the writran direction of the City, reinvested in direr non-callable obligations of the United States ofbanerica (including direct, non-callable obligations issued or held in book-entry form on the books of the Department of Tregury of the United States of America) or non-callable obligations the full and timely payment of the pnncipal of and interest on which are fully and unconditionally guaranteed by the United States of America ("Permitted Securities") provided such direction is accompanied by an opinion of nationally recognized bond counsel to the effect that such reinvestment will not adversely affect the exclusion of interest paid with respect to the Prior Obligations or the Bonds from gross income for federal income tax purposes. The maturity date of any Permitted Security must be no later than one Business Day preceding the payment date on which the proceeds of such Permitted Security are needed for payment of Rental Payments in accordance with these Instructions and as shown in the original verification reports of the Verification Agent. IfPermittedSecuritiesmeetingtherequirementsofthese][nstruetionsare unavailable, or if the Corporation fails to give the Escrow Agent instructions, the Escrow Agent may hold such mounts uninvested. All earnings on funds and amounts in the Escrow Fund shall be deposited in, deemed a part of, and invested in accordance with the terms of these Instructions applicable to, such Escrow Fund. -6-