|
ESCROW AGREEMENT
<br /> THIS ESCROW AGREEMENT(Agreement),made by and between City of San Marcos, a political
<br /> subdivision of the State of Texas in Hays, Caldwell and Guadalupe Counties, Texas, (City), acting
<br /> by and through its City Council and Regions Bank, as Escrow Agent together with any successor in
<br /> such capacity;
<br /> WITNESSETH:
<br /> WHEREAS,pursuant to Ordinances adopted on , 2023 (collectively,the Ordinance),the
<br /> City of San Marcos authorized the issuance of$1,120,000 City of San Marcos, Texas Combination
<br /> Tax and Surplus Revenue Certificates of Obligation, Series 2023, dated , 2023 and the
<br /> execution of a Grant Agreement in the amount of$480,000, and the issuance of$4,060,000 City of
<br /> San Marcos, Texas Combination Tax and Surplus Revenue Certificates of Obligation, Series 2023A,
<br /> dated , 2023 and the execution of a Grant Agreement in the amount of$1,740,000,
<br /> pursuant to which the City will accept certain contractual obligations(Obligations)to obtain financial
<br /> assistance from the Texas Water Development Board (TWDB) for the purpose of funding water or
<br /> wastewater system improvements (Project); and
<br /> WHEREAS, the Escrow Agent is a state or national bank designated by the Texas Comptroller as a
<br /> state depository institution in accordance with Texas Government Code, Chapter 404, Subchapter C,
<br /> or is a designated custodian of collateral in accordance with Texas Government Code, Chapter 404,
<br /> Subchapter D and is otherwise qualified and empowered to enter into this Agreement, and hereby
<br /> acknowledges its acceptance of the terms and provisions hereof; and
<br /> WHEREAS, a condition of the Obligations is the deposit of the proceeds of the Obligations
<br /> (Proceeds) in escrow subject to being withdrawn only with the approval of the Executive
<br /> Administrator or another designated representative; provided, however, the Proceeds can be
<br /> transferred to different investments so long as all parties hereto consent to such transfer;
<br /> NOW, THEREFORE, in consideration of the mutual agreements herein contained and in
<br /> consideration of the amount of fees to be paid by the City to the Escrow Agent, as set forth on
<br /> EXHIBIT A,the receipt of which is hereby acknowledged,and in order to secure the delivery of the
<br /> Obligations,the parties hereto mutually undertake,promise and agree for themselves,their respective
<br /> representatives and successors, as follows:
<br /> SECTION 1: ESCROW ACCOUNT(S). Upon the delivery of the Obligations described above,
<br /> the Proceeds identified under TWDB Commitment Numbers L 100 1561 and G1001562 and TWDB
<br /> Commitment Numbers L1001577 and G1001578 shall be deposited to the credit of special escrow
<br /> accounts or escrow subaccounts (Escrow Accounts maintained at the Escrow Agent on behalf of the
<br /> City and the TWDB and shall not be commingled with any other accounts or with any other proceeds
<br /> or funds. The Proceeds received by the Escrow Agent under this Agreement shall not be considered
<br /> as a banking deposit by the City,and the Escrow Agent shall have no right to title with respect thereto
<br /> except as Escrow Agent under the terms of this Agreement.
<br /> 1
<br /> SAN MARCOS(TWDB)CTSRCO 2023&2023A:Escrow Agreement(TWDB)
<br />
|