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<br />Section 6. The Bank shall fully collateralize the moneys in the Escrow Account not so
<br />invested, if any, as required by law.
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<br />Section 7. The Bank shall not be liable or responsible for any loss resulting from any
<br />investment made pursuant to, this Agreement and in full compliance with' its provisions.
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<br />Section 8. In the event of the Bank's failure to account for any funds or securities
<br />received by it for the Town's account, and if for any reason such funds or securities cannot be
<br />identified, all other assets of the Bank shall be impressed with a trust for the amount thereof.
<br />The funds received by the Bank shall not be considered as a banking deposit by the Town. The
<br />, funds so received, by the Bank as escrow agent and trustee shall not be subject to checks drawn
<br />or withdrawals made by the Town. '
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<br />Section 9. The Bank shall immediately notifY the ToWn by certified or registered, first
<br />class United States mail, postage prepaid, whenever, for any reason, the funds on hand in the
<br />Escrow Account, plus the securities therein and interest on said securities, as the same accrues,
<br />will be insufficient to pay the principal of and interest on the CWCB Loan in accordance with
<br />the provisions herein.
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<br />Section 10.' The Bank, during the month of January of each calendar year, commencing
<br />in the- first calendar year following the establishment of the Escrow Account, so long as the
<br />Escrow Account is maintained, shall forward by, letter to the Town a statement in detail of the
<br />income, investments, redemptions, and transfers' of moneys from the Escrow Account for the
<br />immediately preceding fiscal year, which, for the purpose of this Agreement, commences the
<br />first day of January of each calendar year and ends on the last day of December of said year,
<br />including in said letter a statement, as of the end of the immediately preceding fiscal year,
<br />regarding the manner in which it has carried out the requirements of this Agreement. In addition,
<br />the Town shall have the right, at any time, to examine all the Bank's records regarding the status
<br />of the Escrow Account and the details of said income, investments, redemptions, and transfers.
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<br />Section II. The Bank shall not be liable for any act done or step taken or omitted by it or
<br />for any mistake of fact or law or for anything which it may do or refrain from doing, except for
<br />its negligence or its default in the performance of any obligations imposed upon it hereunder.
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<br />Section 12. This Agreement may be amended in writing signed by the Town and the
<br />Bank, but only with the event that the Bank receives an opinion of Bond Counsel that such
<br />amendment does not violate Section 16(b) of the Bond Ordinance.
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<br />Section 13. The Town shall also deposit in the Escrow Account no later than the last day
<br />of any calendar year an amount annually determined by the Bank as sufficient to pay the fees and
<br />expenses of the Bank through the following calendar year. The Bank shall be entitled to
<br />payment of its fees and expenses from the Escrow Account but only from moneys in excess of
<br />the amounts necessary to meet amounts necessary to pay in full the CWCB Loan on the next
<br />Succeeding CWCB Payment Date.
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<br />Ii, Section 14. The CWCB Board is not intended to be a third-party beneficiary under the
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