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option of the City, at a price of par and <br /> accrued interest, on any interest payment date <br /> on or after May 1, 1989, if redeemed from <br /> revenues of the System, said bonds being all <br /> the bonds now outstanding of a total authorized <br /> issue of $5, 400,000. <br /> That the National Boulevard Bank of Chicago, Chicago, <br /> Illinois , (the "paying agent" ) is the place at which the bonds <br /> and interest coupons above described are payable. <br /> The principal, interest, income and profit f rom said <br /> Government Securities may be reinvested by the Bank f rom time to <br /> time, to the extent possible but only in interest bearing treasury <br /> obligations now or hereafter issued by and constituting direct <br /> obligations of the United States of America and having maturities <br /> of not to exceed 90 days and also havin� such maturities so that <br /> funds will be readily available at least five days prior to the <br /> date that said funds will be necessary in order to pay the <br /> principal of or interest on such bonds . After each interest <br /> p ayment any money remaining in the Escrow Fund shall be promptly <br /> remitted to the City. <br /> There have been no funds deposited by the City with <br /> which to pay all fees , due or to become due, of the paying agent <br /> of the Bonds, and the City will pay all such fees from its funds <br /> as they become due. <br /> That the initial costs and expenses of the Bank are <br /> estimated to be the sum of $ �p� _ �� , which has been paid to <br /> the Bank by the City at the date of the execution and delivery of <br /> this Escrow Agreement, and all annual charges, fees or expenses <br /> of the Bank in carrying out any of the duties, terms or provisions <br /> -2- <br />