Ord 2010-063-1 - Laserfiche WebLink

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ESCROW AGREEMENT City of San Marcos, Texas General Obligation Refunding Bonds, Series 2010 THIS ESCROW AGREEMENT, dated as ofNovember 1, 2010 (herein, together with any amendments or supplements hereto, called the "Agreement "), entered into by and between the City of San Marcos, Texas (the "Issuer ") and The Bank of New York Mellon Trust Company, N.A., Dallas, Texas, as escrow agent (together with any successor in such capacity, the "Escrow Agent "). WITNESSETH: WHEREAS, the Issuer heretofore issued and there presently remain outstanding the obligations (the "Refunded Obligations ") described in the Verification Report of Grant Thornton LLP (the "Report") relating to the Refunded Obligations, attached hereto as Exhibit "A" and made a part hereof, and WHEREAS, the Refunded Obligations are scheduled to mature in such years, bear interest at such rates, and be payable at such times and in such amounts as are set forth in the Report; and WHEREAS, when firm banking arrangements have been made for the payment of principal and interest to the maturity or redemption dates of the Refunded Obligations, then the Refunded Obligations shall no longer be regarded as outstanding except for the purposes of receiving payment from the funds provided for such purpose and Issuer's right to call such Refunded Obligations for redemption in accordance with the provisions of the resolution, order or ordinance authorizing their issuance upon compliance with the provisions of Texas law; and WHEREAS, Chapter 1207, Texas Government Code, as amended ( "Chapter 1207 "), authorizes the Issuer to issue refunding bonds and to deposit the proceeds from the sale thereof, and any other available funds or resources, directly with an eligible institution, including any place of payment (paying agent) for any of the Refunded Obligations, and such deposit, if made before such payment dates and in sufficient amounts, shall constitute the making of firm banking and financial arrangements for the discharge and final payment of the Refunded Obligations; and WHEREAS, Chapter 1207 further authorizes the Issuer to enter into an escrow agreement with any such eligible institution for any ofthe Refunded Obligations with respect to the safekeeping, investment, administration and disposition of any such deposit, upon such terms and conditions as the Issuer and such institution may agree, provided that such deposits may be invested only in obligations authorized by Chapter 1207, and which shall mature and /or bear interest payable at such times and in such amounts as will be sufficient to provide for the scheduled payment of principal and interest on the Refunded Obligations when due; and WHEREAS, this Agreement constitutes an escrow agreement of the kind authorized and required by said Chapter 1207; and San Marcos: GORB 2010: EscrowAgr