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• � , � :��^t t'1�.r..q <br /> , f{9�7}l�r� <br /> ��-- <br /> WHEREAS, in order to properly provide for the refunding <br /> of the Prior Bonds , it will be necessary to place proceeds of <br /> the Bonds in trust with an escrow agent to be invested by such <br /> escrow agent, on behalf of the Municipality, in U. S. Treasury <br /> Certificates of Indebtedness, Notes or Bonds (State and Local <br /> Government Series ) , and to also place funds of the Municipality on <br /> hand and lawfully available for the purpose, but restricted as to <br /> yield, in trust with such escrow agent to be invested in such <br /> U. S. Treasury Certificates of Indebtedness, Notes or Bonds ; and <br /> WHEREAS, such investments must be of amount and kind <br /> such that the principal and interest thereon will be sufficient, <br /> when added to such beginning cash balance to be derived from <br /> proceeds of the Bonds and from funds on hand of the Municipality <br /> and lawfuily available for such purpose with the escrow agent as <br /> may be necessary, to pay at maturity all interest on and to pay at <br /> maturity or upon redemption all principal of the Prior Bonds ; and <br /> WHEREAS, in accordance with the terms of the Prior Bonds <br /> and with the provisions of the escrow agreement , certain of the <br /> Prior Bonds are to be called for redemption in advance of maturity, <br /> and it is necessary to make such call and provide for the giving <br /> of proper notice to holders or registered owners of the Prior <br /> Bonds ; and <br /> WHEREAS, it is necessary that the Corporate Authorities <br /> authorize the form of agreement with an escrow agent and direct <br /> the execution of such escrow agreement by officers of the <br /> Municipality: <br /> -2- <br />