Res 2004-005 - Laserfiche WebLink

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Wells Fargo Brokerage Services, LLC WeUs Fargo Brokerage Services, LLC 1740 Broadway, MAC C7300-011 Denver, Colorado 80274 1-800-444-4823 Ext. 5379 ESCROW AGREEMENT THIS ESCROW AGREEMENT, dated as of January 22, 2004, by and between City of San Marcos, a political subdivision duly created and existing under the laws of the State of Texas (the "Lessee"), and Wells Fargo Brokerage Services, LLC (WFBS), with its principal office, domicile and post office address located in Minneapolis, Minnesota, (the "Lessor"). WHEREAS, the Lessee and Lessor have entered into a Governmental Lease-Purchase Master Agreement dated as of January 22, 2004 and Supplement dated January 22, 2004 (the "Lease"); and WHEREAS, the Lessor will provide in advance of the acquisition of the Property, the sum of $92,906.82, to be available in periodic draws for the payment of the costs of the acquisition of such Property; and WHEREAS, the Lessor and the Lessee now desire to provide for the safekeeping and investment of such monies advanced by the Lessor pending disbursement for acquisition of the Property and for the procedures in disbursing such monies for the acquisition of the Property; NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants herein set forth, the parties hereto agree as follows: 1. The Escrow Agent hereby acknowledges receipt of true and correct copies of the Lease and reference herein to or citation herein of any provision of said documents shall be deemed to incorporate the same as a part hereof in the same manner and with the same effect as if they were fully set forth herein. 2. There is hereby created and established with the Lessor an irrevocable escrow fund designated for City of San Marcos (the "Escrow Fund") to be held in the custody of the Lessor separate and apart from other funds of the Lessor or the Lessee. 3. ~b~ Lessor, as of~//~l}D2t,Ll~::~, 2004 deposits into the Escrow Fund the sum of $ QQ~ ~ 0/,~- ~/~-representing the unexi~nc~ed p~mci~al amount of the obligation of the Lessee under the Lease less any payments made to vendors on the date of funding. 4. Any monies held in the Escrow Fund shall be promptly invested and reinvested by the Lessor, subject to Lessee's approval, in any security or deposit account authorized by law. No'investment shall be made in a security maturing later than the date on which the Lessee reasonably anticipates needing such funds for the payment of the costs of the Property. The Lessee shall notify the Lessor as to the dates on which funds are needed for disbursement and the estimated amount of each such disbursement and the Lessor may rely upon this information in connection with all investment or reinvestment of funds. All interest earnings from such investment shall be remitted to the Lessee periodically, as mutually agreed upon by the Lessee and the Lessor. Unless otherwise agreed upon by Lessee and Lessor, the Escrow Fund will be held in a Wells Fargo Funds Government Money Market Fund at Wells Fargo Brokerage Services, LLC, and it will earn interest at the daily rate established by Wells Fargo Funds. 5. The Lessor shall disburse funds from the Escrow Fund upon receipt of a written request from the Lessee, approved by the Lessor, setting forth the following: (1) the amount to be disbursed, (2) the address to which such funds are to be forwarded, (3) a brief description of the purpose of the payment, and (4) a statement that the amounts being paid pursuant to that disbursement were not subject to a previous draw. The request shall contain as attachments the following: (1) bills, receipts, invoices, or other documents acceptable to the Lessor