Laserfiche WebLink
<br />- <br /> <br />Section 6. The Bank shall fully collateralize the moneys in the Escrow Account not so <br />invested, if any, as required by law. <br /> <br />il'! <br />I ~ <br />\.. <br />~' <br />I, <br />IF <br />'IU, <br />1,'1':," <br />'I' , <br />I , <br />1:1\ <br />if' <br />" :' <br />I ~;' <br />\,Ii,," <br />i ~ii <br />}'I'~'i \, <br /> <br />,f. ~ ~;;~ <br />;;1' M, <br />l\i ~'\' <br />II ~; <br />~::;. ~~; <br />'\il ~t <br />(~ i' 'f~ <br />" " ,"~" <br />I' '1, <br />:,! !~h <br />I'! '~i~ <br />'I <br />i\ <br />Jii <br />:11 <br />'I <br />i! t <br />,.; <br /> <br /> <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. <br /> <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. ' <br /> <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. <br /> <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. <br /> <br />, <br />1'! <br /> <br /> <br />'I 1 <br />\ , <br />,I II" <br />'l: ~~~ <br />I' ~.,; <br />,. f,,'," <br />" li'~ <br />I ,f-h~ <br />, ~11 <br /> <br />1.1'/ <br />, ,j <br />V ~1 <br />'. J., :~~,' <br />"; ,.< <br />:'11 ili <br />, Ii <br />1. 'I, <br />I t I <br />I' '" <br />'1'1'1; <br />',. \ 't~ <br />'.,1, ",1," <br />!! , ~! <br />I I' <br />"I'" <br />I ~" <br />I ~I <br />1.1 ~, <br />:; ,~~ <br />l'lj!l <br />I, ,I <br />I 'I <br />I I, <br />I' ~ <br />!, ~f <br />'\ I';~ <br />1 ,,it!' <br />I' I~; <br />" ;I~~ <br />I p" <br />. I" <br />;, , <br />I . <br />,- ,I \ <br />1,1 ! <br />i. j <br />I' i <br />.- "',: <br />'!: <br />J <br />~ Ii <br /> <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. <br /> <br /> <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. <br /> <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. <br /> <br />Ii, Section 14. The CWCB Board is not intended to be a third-party beneficiary under the <br />, . <br />terms of this Agreement. <br /> <br />o2.i'4072,OI <br />~2;~4747,OI <br />i~;;;~j~[ <br />i"l(~1iI\4l!J.". ' <br />~~1$.~~~:, . <br /> <br />4 <br />