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i <br /> Section 2. 03. The Escrow Agent and the Municipality <br /> have each received the report of Dr. Yair M. Babad, Certified <br /> Public Accountant, that the principal of and income and profit to <br /> be received from the Government Securities, when paid at maturity, <br /> and the cash held in accordance with Section 2. 02 hereof, will be <br /> sufficient, at all times pending the final payment of the Prior <br /> Bonds , to pay all interest when due and to pay at maturity or <br /> applicable date of redemption all principal of the Prior Bonds <br /> due after July 1 , 1983, as evidenced by said report. <br /> ARTICLE III . COVENANTS OF ESCROW AGENT <br /> The Escrow Agent covenants and agrees with the Municipality : <br /> Section 3.01 . The Escrow Agent will hold the Government <br /> Securities and all income and profit derived therefrom and all <br /> uninvested cash in a segregated and separate trust fund account <br /> for the sole and exciusive benefit of the Municipality to the <br /> purposes for which escrowed. <br /> Section 3 . 02. The Escrow Agent will reinvest available <br /> uninvested balances in the Escrow Account on deposit from time <br /> to time, to the extent said balances exceed $1,000, but only in <br /> zero-yield obligations issued directly by the Bureau of Public <br /> Debt of the United States Treasury (currently desi$nated "United <br /> States Treasury Certificates of Indebtedness , Notes , or Bonds of <br /> the State and Local Government Series" ) . Inves.tments so made <br /> shall be scheduled to mature two ( 2) days prior to the next <br /> EA7 <br /> � <br />