2019-46 Ordinance Providing for the Issuance of not to Exceed $9,300,000 General Obligation Bonds, Series 2019 of the City for One or More of the Following Purposes: Refunding Certain Outstanding Bonds of the City, Improving the Decatur Public Library

Home Browse Search

The Escrow Agent shall also give, or shall cause the Paying Agent to give, notice of the call of the Refunded Bonds, on or before the date the notice of such redemption is given to the holders of the Refunded Bonds, to the Municipal Securities Rulemaking Board (the "MSRB") through its Electronic Municipal Market Access system for municipal securities disclosure or through any other electronic format or system prescribed by the MSRB for purposes of Rule 15c2-12 adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Information with respect to procedures for submitting notice can be found at https://msrb.org. Section 3.08. The Escrow Agent has all the powers and duties herein set forth with no liability in connection with any act or omission to act hereunder, except for its own negligence or willful breach of trust, and shall be under no obligation to institute any suit or action or other proceeding under this Agreement or to enter any appearance in any suit, action or proceeding in which it may be defendant or to take any steps in the enforcement of its, or any,rights and powers hereunder,nor shall be deemed to have failed to take any such action,unless and until it shall have been indemnified by the City to its satisfaction against any and all costs and expenses, outlays, counsel fees and other disbursements, including its own reasonable fees, and if any judgment, decree or recovery be obtained by the Escrow Agent,payment of all sums due it,as aforesaid, shall be a first charge against the amount of any such judgment, decree or recovery. Section 3.09. The Escrow Agent may in good faith buy, sell or hold and deal in any of the Bonds or the Refunded Bonds. Section 3.10. The Escrow Agent will submit to the Treasurer a statement within forty-five (45)days after June 16 and December 16 of each calendar year,commencing December 16,2019, itemizing all moneys received by it and all payments made by it under the provisions of this Agreement during the preceding six (6) month period (or, for the first period, from the date of delivery of the Bonds to December 16, 2019), and also listing the Government Securities on ExxiBiT A -6-