Irrevocable Deposit; Control. The deposit in the Escrow Fund of the proceeds of the 2012 Bonds shall constitute an irrevocable deposit of such monies exclusively for the benefit of the Refunded 2003 Certificates and Refunded 2005B Certificates, respectively, and such money and Federal Securities, together with any income or interest earned thereon, shall be held in trust and shall be applied solely to the payment of the principal of and interest on the Refunded Certificates as the same mature and become due on prepayment, as applicable, as set forth in Schedule I hereto (“Schedule I”). Subject to the requirements set forth herein for the use of the Escrow Fund and the moneys and investments therein, including, without limitation, Section 3.02, the City covenants and agrees that the Escrow Agent shall have full and complete control and authority over and with respect to the Escrow Fund and money and investments therein and that the City shall not exercise any control or authority over and with respect to the Escrow Fund and the money and investments therein. The City irrevocably directs the Trustee to call the Refunded 2003 Certificates for prepayment on June 1, 2013 and the Refunded 2005B Certificates for prepayment on June 1, 2015.
Irrevocable Deposit; Control. The deposit in the Escrow Fund of the proceeds of the 2012D Bonds shall constitute an irrevocable deposit of such monies exclusively for the benefit of the Refunded Bonds, and such monies and Federal Securities, together with any income or interest earned thereon, shall be held in trust and shall be applied solely to the payment of the principal of and premium and interest on the Refunded Bonds as the same mature and become due on redemption, as applicable, as set forth in Schedule I hereto (“Schedule I”), except as otherwise set forth in this Agreement. Subject to the requirements set forth herein for the use of the Escrow Fund and the moneys and investments therein, including, without limitation, Sections 2.04 and 3.02, the City covenants and agrees that the Escrow Agent shall have full and complete control and authority over and with respect to the Escrow Fund and moneys and investments therein and that the City shall not exercise any control or authority over and with respect to the Escrow Fund and the moneys and investments therein.
Irrevocable Deposit; Control. The deposit in the Escrow Fund of the proceeds of the 2012 Bonds shall constitute an irrevocable deposit of such monies exclusively for the benefit of the Refunded 2005A Certificates and such money and Federal Securities, together with any income or interest earned thereon, shall be held in trust and shall be applied solely to the payment of the principal of and interest on the Refunded 2005A Certificates as the same mature and become due on prepayment, as applicable, as set forth in Schedule I hereto. Subject to the requirements set forth herein for the use of the Escrow Fund and the moneys and investments therein, including, without limitation, Section 3.02, the County covenants and agrees that the Escrow Agent shall have full and complete control and authority over and with respect to the Escrow Fund and money and investments therein and that the County shall not exercise any control or authority over and with respect to the Escrow Fund and the money and investments therein. The County irrevocably directs the Trustee to call the Refunded 2005A Certificates for prepayment on May 1, 2015.
