Common use of The Escrow Fund Clause in Contracts

The Escrow Fund. (a) There is hereby established a fund (the “Escrow Fund”) to be held as an irrevocably pledged escrow by the Escrow Bank, which the Escrow Bank shall keep separate and apart from all other funds of the District and the Escrow Bank and which shall be applied solely as provided in this Escrow Agreement. The Escrow Fund is established for the purpose of refunding the Refunded Bonds and, for purposes of Section 53555 of the California Government Code, shall be deemed to be a fund in the treasury of the District. Pending application as provided in this Escrow Agreement, amounts on deposit in the Escrow Fund are hereby pledged and assigned solely to the payment of (i) the interest on and the 2013 Refunding Redemption Price of the Refunded 2013 Refunding Bonds, (ii) the interest on and the 2013 New Money Redemption Price of the Refunded 2013 New Money Bonds, and (iii) the interest on and 2015 Redemption Price of the Refunded 2015 Bonds, which amounts shall be held in trust by the Escrow Bank for the Owners of the Refunded Bonds. (b) Upon the issuance of the Refunding Bonds, there shall be deposited in the Escrow Fund $[ ] received from the proceeds of the sale of the Refunding Bonds. (c) Upon the deposit of moneys pursuant to Section 2(b), the moneys on deposit in the Escrow Fund will be at least equal to an amount sufficient to purchase the aggregate principal amount of non-callable direct obligations of the United States of America (including zero interest bearing State and Local Government Series) or other non-callable obligations the payment of the principal of and interest on which is guaranteed by a pledge of the full faith and credit of the United States of America (the “Defeasance Securities”) set forth in Exhibit A hereto (the “Exhibit A Securities”), which principal, together with all interest due or to become due on such Exhibit A Securities, and any uninvested cash held by the Escrow Bank in the Escrow Fund, will be sufficient to make the payments required by Section 4 hereof.

The Escrow Fund. (a) There is hereby established a fund (the “Escrow Fund”) to be held as an irrevocably pledged escrow by the Escrow Bank, which the Escrow Bank shall keep separate and apart from all other funds of the District Authority and the Escrow Bank and which shall to be applied solely as provided in this Escrow Agreement. The Escrow Fund is established for the purpose of refunding the Refunded Bonds and, for purposes of Section 53555 of the California Government Code, shall be deemed to be a fund in the treasury of the District. Pending application as provided in this Escrow Agreement, amounts on deposit in the Escrow Fund are hereby pledged and assigned solely to the payment of (i) the interest on and the 2013 Refunding Redemption Price of on the Refunded 2013 Refunding Bonds, (ii) the interest on and the 2013 New Money Redemption Price of the Refunded 2013 New Money Bonds, and (iii) the interest on and 2015 Redemption Price of the Refunded 2015 BondsDate, which amounts shall be held in trust by the Escrow Bank for the Owners of the Refunded Prior Bonds. (b) Upon The Prior Trustee was previously instructed and is hereby instructed to liquidate the investments held in the funds and accounts established under the 2011 Trust Agreement. As reflected in the report of the nationally recognized firm of independent certified public accountants delivered in connection herewith, upon the authentication and issuance of the Refunding Series 2021A Bonds, there shall be deposited in the Escrow Fund $[ ] $ received from the proceeds of the sale of the Refunding Series 2021A Bonds. (c) Upon the deposit of moneys pursuant to Section 2(b)) hereof, the moneys on deposit in the Escrow Fund will be at least equal to an amount sufficient to purchase the aggregate principal amount of non-callable direct obligations of the United States of America (including zero interest bearing State and Local Government Series) or other non-callable obligations the payment of the principal of and interest on which is guaranteed by a pledge of the full faith and credit of the United States of America (the “Defeasance Securities”) Obligations set forth in Exhibit A hereto (the “Exhibit A Securities”), which principal, together with all interest due or to become due on such Exhibit A Securities, and any uninvested cash held by the Escrow Bank in the Escrow Fund, will be sufficient to make the payments required by Section 4 hereof.

The Escrow Fund. (a) There is hereby established a fund (the “Escrow Fund”) to be held as an irrevocably pledged escrow by the Escrow Bank, which the Escrow Bank shall keep separate and apart from all other funds of the District Authority and the Escrow Bank and which shall to be applied solely as provided in this Escrow Agreement. The Escrow Fund is established for the purpose of refunding the Refunded Bonds and, for purposes of Section 53555 of the California Government Code, shall be deemed to be a fund in the treasury of the District. Pending application as provided in this Escrow Agreement, amounts on deposit in the Escrow Fund are hereby pledged and assigned solely to the payment of (i) the principal of and interest on the Prior Bonds coming due on and prior to the 2013 Refunding Redemption Date and to the payment of the Redemption Price of on the Refunded 2013 Refunding Bonds, (ii) the interest on and the 2013 New Money Redemption Price of the Refunded 2013 New Money Bonds, and (iii) the interest on and 2015 Redemption Price of the Refunded 2015 BondsDate, which amounts shall be held in trust by the Escrow Bank for the Owners of the Refunded Prior Bonds. (b) Upon The Escrow Bank, as Prior Trustee, is hereby instructed to liquidate the investments held in the funds and accounts established under the Prior Indenture. The Escrow Bank, as the Prior Trustee, has informed the Authority that, as of the date of issuance of the Refunding BondsBonds (the “Closing Date”), there shall be deposited is no less than $[ ] on deposit in such funds and accounts. On the Closing Date (i) the Escrow Fund Bank, as the Prior Trustee, shall transfer the amount of $[ ] from the funds and accounts established under the Prior Indenture to the Escrow Fund, and (ii) the Escrow Bank shall deposit the amount of $[ ] received from the proceeds of the sale of the Refunding BondsBonds in the Escrow Fund, for a total of $[ ] transferred to and deposited in the Escrow Fund. (c) Upon As reflected in the certification of the nationally recognized firm of independent certified public accountants delivered in connection herewith, upon the deposit of moneys pursuant to Section 2(b)) hereof, the moneys on deposit in the Escrow Fund will be at least equal to an amount sufficient to purchase the aggregate principal amount of non-callable direct obligations of the United States of America (including zero interest bearing State and Local Government Series) or other non-callable obligations the payment of the principal of and interest on which is guaranteed by a pledge of the full faith and credit of the United States of America (the “Defeasance Securities”) Securities set forth in Exhibit A hereto (the “Exhibit A Securities”), which principal, together with all interest due or to become due on such Exhibit A Securities, and any uninvested cash held by the Escrow Bank in the Escrow Fund, will be sufficient to make the payments required by Section 4 hereof.

The Escrow Fund. (a) There is hereby established a fund (the “Escrow Fund”) to be held as an irrevocably pledged escrow by the Escrow BankAgent, which the Escrow Bank Agent shall keep separate and apart from all other funds of the District and the Escrow Bank Agent and which shall to be applied solely as provided in this Escrow Agreement. The Escrow Fund is established for the purpose of refunding the Refunded Bonds and, for purposes of Section 53555 of the California Government Code, shall be deemed to be a fund in the treasury of the District. Pending application as provided in this Escrow Agreement, amounts on deposit in the Escrow Fund are hereby pledged and assigned solely to the payment of (i) the interest evidenced by the Refunded Obligations on each interest rate payment date prior to the Prepayment Date, and the 2013 Refunding Redemption prepayment of the Prepayment Price on the Prepayment Date of the Refunded 2013 Refunding Bonds, (ii) the interest on and the 2013 New Money Redemption Price of the Refunded 2013 New Money Bonds, and (iii) the interest on and 2015 Redemption Price of the Refunded 2015 BondsObligations, which amounts shall be held in trust by the Escrow Bank Agent for the Owners of the Refunded BondsObligations. (b) Upon The Prior Trustee is hereby instructed to transfer $ (the issuance “District Funds”) held in the Installment Payment Fund established under the Prior Trust Agreement for deposit in the Escrow Fund. As reflected in the report of , a nationally recognized firm of independent certified public accountants, delivered in connection herewith, upon the execution and delivery of the Refunding BondsRevenue Obligations, there shall be deposited in the Escrow Fund $[ ] $ received from the proceeds of the sale of the Refunding BondsRevenue Obligations and $ from the District Funds, for a total of $ (the “Escrow Deposit”). (c) Upon The District has determined or caused to be determined that upon the deposit of moneys the Escrow Deposit pursuant to Section 2(b)) hereof, $ of the moneys on deposit in the Escrow Fund will be at least equal to an amount sufficient to purchase invested in the aggregate principal amount of non-callable direct obligations of the United States of America (including zero interest bearing State and Local Government Series) or other non-callable obligations the payment of the principal of and interest on which is guaranteed by a pledge of the full faith and credit of the United States of America (the “Defeasance Securities”) set forth Obligations specified in Exhibit A Schedule I hereto (the “Exhibit A Securities”), which principalwhich, together with all interest due or to become due on such Exhibit A Securities, and any uninvested cash held by the Escrow Bank in the Escrow Fundamount of $ , will be sufficient to make the payments required by Section 4 hereof.

The Escrow Fund. (a) There is hereby established a fund (the “Escrow Fund”) to be held as an irrevocably pledged escrow by the Escrow Bank, which the Escrow Bank shall keep separate and apart from all other funds of the District and the Escrow Bank and which shall be applied solely as provided in this Escrow Agreement. The Escrow Fund is established for the purpose of refunding the Refunded Bonds and, for purposes of Section 53555 of the California Government Code, shall be deemed to be a fund in the treasury of the District. Pending application as provided in this Escrow Agreement, amounts on deposit in the Escrow Fund are hereby pledged and assigned solely to the payment of (i) the interest on and the 2013 Refunding Redemption Price of the Refunded 2013 Refunding Bonds, (ii) the interest on and the 2013 New Money Redemption Price of the Refunded 2013 New Money Bonds, and (iii) the interest on and 2015 Redemption Price of the Refunded 2015 Bonds, which amounts shall be held in trust by the Escrow Bank for the Owners of the Refunded Bonds. (b) Upon the issuance of the Refunding Bonds, there shall be deposited in the Escrow Fund $[ ] received from the proceeds of the sale of the Refunding Bonds. (c) Upon the deposit of moneys pursuant to Section 2(b), the moneys on deposit in the Escrow Fund will be at least equal to an amount sufficient to purchase the aggregate principal amount of non-callable direct obligations of the United States of America (including zero interest bearing State and Local Government Series) or other non-callable obligations the payment of the principal of and interest on which is guaranteed by a pledge of the full faith and credit of the United States of America (the “Defeasance Securities”) set forth in Exhibit A hereto (the “Exhibit A Securities”), which principal, together with all interest due or to become due on such Exhibit A Securities, and any uninvested cash held by the Escrow Bank in the Escrow Fund, will be sufficient to make the payments required by Section 4 hereof.

The Escrow Fund. (a) There is hereby established a an escrow fund (the “Escrow Fund”) to be held in trust as an irrevocably pledged escrow by the Escrow Bank, which the Escrow Bank shall keep separate and apart from all other funds of the District and the Escrow Bank and which shall to be applied solely as provided in this Escrow Agreement. The Escrow Fund is established for the purpose of refunding the Refunded Bonds and, for purposes of Section 53555 of the California Government Code, shall be deemed to be a fund in the treasury of the District. Pending application as provided in this Escrow Agreement, amounts on deposit in the Escrow Fund are hereby pledged and assigned solely to the payment of (i) the principal and interest evidenced by the Certificates coming due on and prior to the 2013 Refunding Redemption Price of the Refunded 2013 Refunding BondsPrepayment Date, and (ii) the interest on and the 2013 New Money Redemption Prepayment Price of the Refunded 2013 New Money Bonds, and (iii) Callable Certificates on the interest on and 2015 Redemption Price of the Refunded 2015 BondsPrepayment Date, which amounts shall be held in trust by the Escrow Bank for the Owners of the Refunded BondsCertificates. (b) Upon , 2022, the issuance of the Refunding Bonds, there District shall cause to be deposited $[ ] in the Escrow Fund Fund. [The Escrow Bank, as Trustee, has informed the District that, as of the date hereof, there is no less than $[ _] received from on deposit in the proceeds of Fund established under the sale of Trust Agreement relating to the Refunding BondsCertificates. On the date hereof, the Trustee is hereby instructed to transfer such moneys to the Escrow Bank for deposit into the Escrow Fund.] (c) Upon the deposit of moneys pursuant to Section 2(b), the moneys on deposit in the Escrow Fund will be be[, as verified by Xxxxxx Xxxxxx & Xxxxx P.C.,] at least equal to an amount sufficient to purchase the aggregate principal amount of non-callable direct obligations of the United States of America (including zero interest bearing State and Local Government Series) or other non-callable obligations the payment of the principal of and interest on which is guaranteed by a pledge of the full faith and credit of the United States of America (the “Defeasance Securities”) Securities set forth in Exhibit A hereto (the “Exhibit A Securities”), which principal, together with all interest due or to become due on such Exhibit A Securities, and any uninvested cash held by the Escrow Bank in the Escrow Fund, will be sufficient to make the payments required by Section 4 hereof.