Laserfiche WebLink
SPECIAL ESCROW AGREEMENT <br /> That on the date of this agreement, The Citizens National <br /> Bank of Decatur, hereinafter referred to as the Bank, and the City <br /> of Decatur, Macon County, Illinois, hereinafter referred to as <br /> the City, acknowledged that on this day the City has deposited <br /> in a special account With the Bank the Government Securities <br /> specified in Exhibit A hereto and a beginning cash halance of <br /> $ 66 , 700. 00 , which Government Securities and cash, together <br /> with the investment income on siich Government Securities, shall <br /> be held and applied by the Bank for the sole and only purpose of <br /> timely paying to the Paying Agent, National Boulevard Bank of <br /> Chicago, the principal of certain honds heretofore issued by the <br /> City and currently outstanding and unpaid and also the $66, 700 <br /> interest coupons pertaining thereto and representing the interest <br /> becoming due f rom time to time on said bonds up to and including <br /> the date of redemption of such bonds, namely, November 1, 1992, <br /> all of such outstanding bonds by their terms being payable both <br /> as to principal and interest solely and only from the revenues <br /> to be derived f rom the operation of the motor vehicle parking <br /> .facilities of the City and such bonds heing further described as <br /> follows : <br /> $2, 320, 000 Motor Vehicle Parking System Revenue <br /> Bonds , Series 1966, of the City of Decatur, Macon <br /> County, Illinois, dated November 1, 1966, being <br /> of the denomination of $5, 000 each, bearing <br /> interest at the rate of five and three quarters <br /> per cent (5-3/�� ) per annum and maturing on <br /> May 1, 1996, all of said bonds being sub�ect <br /> to redemption prior to their maturity, at the <br />