Res 2003-027 - Laserfiche WebLink

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Wells Fargo Brokerage Services, LLC 1740 Broadway, MAC C7300-011 Denver, Colorado 80274 w~ r~mo e~ok*~e se~,;c~m: 1-800-444-4823 Ext. 5379 ESCROW AGREEMENT Tt~S ESCROW AGREEMENT, dated as of February 28, 2003, by and between the City of San Marces, a political subdivision duly created and existing under the laws of the State of Texas (fl~e "Lessee"), and Wells Fargo Brokerage Serviees~ LLC (WFBS), with its principal offiee~ domicile and post office address located in Minneapolis, Minnesota, (the "Lessor"). W~IEREAS, the Lessee and Lessor have entered into a Governmental Lease~Purchase Master Agreement dated as of February 28~ 2003 and Supplement dated February 28, 2003 (the "Lease"); and WI-IEKEAS, thc Lessor will provide in advance of the acquisition of the Equipment of $1.28,823_00, to be available in periodic draws for the payment oft he costs of the acquisition of such Equipment; 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 Equipment and for the procedures in disbursing such monies for the acquisition of the Equipment; 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 thc Lease and reference herein to or citation herein of any provision of snid 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 s~t forth herein. There is hereby created and established with the Lessor an irrevocable escrow fund designated for the City of San Marcos (the "Escrow Fund") to be held in the custody of the Lessor separate and apart from other ftmds of the Lessor or the Lessee. 3. The Lessor, as of ., 2003 deposits into the Escrow Fund the stun of $ , representing the unexpended principal amount of the obligation of the Lessee under the Lease less any paymvt~t~ made to vendors on the date of funding. 4. Any monies held in the Escrow Fund shall be promptly invested and reinvested by the Le~sor~ subject to Lessee's approval, in a Government Money Market Fund or deposit account authorized by the I-~ssee's investment policy. No investment shall be made in a security maturing later than provided in the Lessee's investment policy. 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 reinveatment of funds. All interest earnings from such investment shall be remitted to the Lessee periodically, as mutually a~eed upon by the Lessee and the Lessor. Unless otherwise agreed upon by Lessee and Lessor, tiao 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 paymenh and (4) a statement