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83-47 AUTHORIZING AND DIRECTING THE EXECUTION OF AN ESCROW AGREEMENT
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83-47 AUTHORIZING AND DIRECTING THE EXECUTION OF AN ESCROW AGREEMENT
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9/14/2016 9:06:51 AM
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Resolution/Ordinance
Res Ord Num
83-47
Res Ord Title
AUTHORIZING AND DIRECTING THE EXECUTION OF AN ESCROW AGREEMENT IN CONNECTION WITH THE ISSUE OF $12,760,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 1983, OF THE CITY OF DECATUR, MACON COUNTY, ILLINOIS
Approved Date
6/20/1983
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' ' ' Tf��„��.^'^i.t� <br /> -/ <br /> it received as interest on or profit from the collection of said <br /> Government Securities . <br /> Section 3.13. If at any time it shall appear to the <br /> Escrow Agent that the available proceeds of the Government <br /> Securities and cash balance in the Escrow Account will not <br /> be sufficient to make any payment due to the holders of any of the <br /> Prior Bonds after July l , 1983, the Escrow Agent shall notify <br /> the Municipality not less than five (5 ) days prior to such date, <br /> and the Municipality agrees that it will from any funds lawf�aily <br /> available for such purpose make up the anticipated deficit so <br /> that no default in the making of any such payment will occur. <br /> ARTICLE IV. COVENANTS OF MUNICIPALITY <br /> The Municipality covenants and agrees with the Escrow <br /> Agent as follows : <br /> Section 4 . 01 . The Escrow Agent shall have no respon- <br /> sibility or liability whatsoever for (a) any of the recitals of <br /> the Municipality herein, (b) the performance of or compliance with <br /> any covenant, condition, term or provision of the Bond Ordinance, <br /> and (c ) any undertaking or statement of the Municipality hereunder or <br /> under said Bond Ordinance. I <br /> Section 4.02. The Municipality will promptly and without <br /> delay remit to the Escrow Agent, within two (2) days after receipt I� <br /> of its written request, such sum or sums of money as are necessary <br /> to make the payments required under Section 3.13 hereof. The <br /> EA14 <br />
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