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<br />.' <br /> <br />&om titne to tin1o. as mqub:ed by law, for the purpose of payln. the principal ofand <br />interest on the CWCB Loans when due. <br /> <br />Section 4. Agreement to Impose Special AlseISDleDts to pay OperafloD ud <br />Mtitenan.ee COlts In event of Defldency. "'Jhe District hereby agrees that it will establish, <br />maintain, enforce and collect SpecisI Assessments m an amount whiob, when. combined with the <br />teVenues ~ted ftom the available ;Pledged Revettues. if any~ is sufficiet)t. to pay the <br />operaticm and maintenanoe! cosm of the District. <br /> <br />Seetfon 5. Creation of and Initial Credit to :r.scrow Aeeount. <br /> <br />(a) CretltiD" of Bscrow Account. There is hereby established the Escrow <br />Account The foregoing accOunt shall be :maintained by the Escrow Agent in.accotdance <br />with the provisions ofthfs Resolution. <br /> <br />(b) MIliata4fIN of B$C!I'(IW AccDUIIt. The Bsctow Account sba11 be <br />maintained in an amount at the time of the ini1ia1 deposits tb.crel:n and lit all thDes <br />subsequently at least suflici~ togethf:l'with die mown minimum yield tD bet derived <br />A-01n the initial investment and any temporary reinvestment ot the deposits therefn or any <br />part thereof in Government Securities to pay the 2003 Bond ~ :Bxcept as <br />may be otherwise provided in the Bscrow Agreement, the District shall have no 1igbt or <br />title to the moneys Credited to or held in the Escrow Acoount, and such title shall be and <br />is hereby ~ to the aSCfOW Agent hl trust 1br the payment ot the 2003 Bond <br />Reqnimnents pmmant .to 1he Escrow .Agreement. Moneys aball be witbdtawn by the <br />;.Escrow At=t 1tom thc.Bscrow ~ in BDfficicnt amounts sndat sDclrtima. to permit <br />the pa:yment without defim1t or the 2003 DODd RequfremenIs. If for any reason the <br />amount in the BSCf01V Account Ifha1l at any time be insufficient fur the ptUpOSC: heI:eo~ <br />the Dl8frlot shall f'ortb.with from the first moneys available 1I1c::rdbr deposit in such <br />account such additional moneys as shall b6 necessary to permit the payment in fill! of the <br />Re11mded Boud Requirements. <br /> <br />(e) Ctill qf 2IHJ3 BtJ1I.ds. The Boa:nl docs hereby dechau its intent to nenUe <br />on behalf of'and In the name oftbe District its optlQl) 10 redeem. all of the 2003 BODds on <br />the earliest date on whIoh the 2003 Bonds am be caUecl and redeemed.. The District <br />binby authorizes and ittevocably instructs the Escrow Agent to give or cause to be given <br />a notice of refunding. defeasance and redemption. of the 2003 Bonds in tb." manner <br />requfrod pursuatlt to the 2003 Bond Resolution. <br /> <br />Section 6.. V.mas FlndfDp, DetenninldiOlls, Declaratlou _d CaveJJ81it5.The <br />Bori having been :f.bJJy informed of and. having considered all the pertinent &cts and <br />cin:umstances~ hereby findst detm'mp,~ d.ecJares 8Dd covenants wJtb. file State that: <br /> <br />. <a> voter approval of the Ballot Questlon.was obtained in accordance wi1h all <br />applicable provjsiODS of law; <br /> <br />. (b) the District will establish a Debt Service Reserve Account as required <br />pU1'BUant to paragraph 7( d) of the CWCB Loan Contracts) whioh account is. to be :6.mded <br /> <br />02-11641,,", <br /> <br />6 <br />