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I <br /> ' . . �`�'r�t�y� <br /> . � °��,�v�' <br /> succeeding interest payment date on the Prior Bonds. The Escrow <br /> A�ent shall hold balances not so invested in the Escrow Account <br /> on demand and in trust for the purposes hereof and shall secure <br /> same in accordance with applicable Illinois law for the securing <br />� of public funds. <br /> Section 3.�3. The Escrow Agent will take no action in <br /> the investment or securing of the proceeds of the Government <br /> Securities which would cause the Bonds to be classified as "arbitrage <br /> bonds" under Section 103(c) of the Internal Revenue Code of 195�+, <br /> as amended, and ali lawful regulations promulgated thereunder, <br /> provided, it shall be under no duty to affirmatively inquire whether <br /> the Government Securities as deposited are properly invested under <br /> said section; and, provided, further, it may rely on ail specific <br /> directions in this Agreement in the investment or reinvestment of <br /> balances held hereunder. <br /> Section 3. 04. The Escrow Agent will promptly collect <br /> the principal , income and profit from the Government Securities <br /> and promptly apply the same solely and only to the payment of the <br /> principal of and interest on the Prior Bonds as the same mature <br /> or are due at the applicable redemption date after July 1 , 1983, <br /> and to such other purposes as are herein expressly stated. <br /> Section 3. 05. The Escrow Agent will remit to the Paying <br /> Agent in good funds on or before each principal maturity or <br /> redemption or interest payment date of the Prior Bonds after <br /> July 1 , 1983, moneys sufficient to pay such principal and <br /> interest as will meet the requirements for the timely payment of <br /> said Prior Bonds as set out in the report described in Section <br /> EA8 <br />