4/24/12 - Barnegat Township School District

ESCROW DEPOSIT AGREEMENT
THIS ESCROW DEPOSIT AGREEMENT is made and entered into as of _________ __,
____, by and between the BOARD OF EDUCATION OF THE TOWNSHIP OF BARNEGAT
IN THE COUNTY OF OCEAN, NEW JERSEY (the “Board”), and TD BANK, NATIONAL
ASSOCIATION, a national banking association duly organized under the laws of the United
State of America with trust and fiduciary powers in the State of New Jersey, as escrow agent in
respect of the Refunded Bonds, as defined herein (the “Escrow Agent”).
WITNESSETH:
WHEREAS, the Board has heretofore issued its $9.139,000 School Bonds, dated July 1,
2004 (the “2004 School Bonds” or the “Prior Bonds”); and
WHEREAS, the Board has determined that it is in its best financial interests to issue
School District Refunding Bonds in the aggregate principal amount of $___________ (the
“Refunding Bonds”) pursuant to a refunding ordinance of the Board which was adopted on
March 27, 2012 for the purpose of advance refunding a portion of the Prior Bonds; and
WHEREAS, the Board adopted a resolution on April 24, 2012 (the “Refunding Bond
Resolution”) for the purpose of, among others, financing a refunding program (the “Refunding
Program”) consisting of the refinancing of the portion of the 2004 School Bonds maturing on
July 15, 2015 through 2024 (the “Refunded Bonds”); and
WHEREAS, the Refunding Program will be effected by depositing with the Escrow
Agent a portion of the net proceeds of the Refunding Bonds, which, [together with other
available funds], will be sufficient to purchase Government Obligations, as defined herein, which
Government Obligations, together with interest thereon, will be sufficient to pay interest on the
Refunded Bonds through and including July 15, 2014 (the “Redemption Date”), at which time
the Refunded Bonds will be redeemed at a redemption price of 100% of the outstanding principal
amount thereof, plus interest accrued to the Redemption Date, and
WHEREAS, the execution and delivery of this Escrow Deposit Agreement has been duly
authorized by the Board and the Escrow Agent.
NOW, THEREFORE, in consideration of the mutual covenants herein contained, the
parties hereto intending to be legally bound, hereby agree as follows:
Barnegat Township Board of Education Meeting Minutes
April 24, 2012 55