RES 02047 - Laserfiche WebLink

ESCROW INSTRUCTIONS These Escrow Instructions. dated for reference purposes as of May I. 2002 (the "Instructions"), are directed to U.S. Bank, N.A.. as trustee (the "Trustee") for the City of Pleasanton (the "City") in connection with the execution and delivery of the City's Sewer Revenue Refunding Bonds. Series 2002A (the "Bonds"). as 1989 Trustee (the "1989 Trustee") pursuant to a trust agreement. dated as of September I. 1989. between the City. the City of Pleasanton Public Facilities Corporation (the "Corporation") and the 1989 Trustee. as sllccessor (the "1989 Trust AgreemenC'). The 1989 Trust Agreement relates to certain 1989 Certificates of Participation (Cross-Town Sanitary Sewer Project) issued pursuant to the 1989 Trust Agreernent. originally issued in the principal amount of $4.990.000. of which $2.840.000 remain outstanding (the "1989 Certificates"). which will be refunded by proceeds of the Bonds. as set forth in Schedule C hereto. The 1989 Certificates are secured by certain Revenue Payments (the "1989 Revenue Payments") of the City payable pursuant to an improvement agreernent. dated as of September 1, 1989. between the City and the Corporation (the "1989 Improvement AgreemenC). The City and the Trustee have executed that certain Indenture of Trust. dated as of May I. 2002 (the "Indenture") in connection with the execution and delivery of the Bonds, . RECITALS A. Pursuant to the 1989 Trust Agreement. the City authorized the issuance and sale of the 1989 Certificates. which are secured by the 1989 Revenue Payments. The 1989 Revenue Payments are secured by a pledge of certain revenues (the "Net Revenues") collected by the City in connection with the operation of its wastewater collection system (the "Enterprise'). B. The 1989 Improvement Agreement provides that the City may secure payment of its 1989 Revenue Payments prior to their due dates if there shall have been deposited with the 1989 Trustee either (i) money in an arnount which shall be sufficient. or (ii) non-callable direct obligations of the United States. or bonds or other obligations the principal of and interest on which are fully and unconditionally guaranteed by the United States of America ("'FederaI Securities") the principal of and interest on which when due will provide moneys which. together with the moneys. if any. deposited with the 1989 Trustee at the same time. shall be sufficient to pay when due the 1989 Certificates until the rnaturity or prepayment date of the 1989 Certificates. C. Pursuant to the Indenture. $2.820.000 aggregate principal amount of the Bonds have been issued and delivered on behalf of the City. A portion of the proceeds of the Bonds is being transferred to the 1989 Trustee for the purpose of providing funds which will be sufficient. together with other available funds. to provide for the prepayment in whole of the 1989 Certificates. -1- Pleasanton Sev.'er Escrow Instructions (2),DOC