4/24/12 - Barnegat Township School District

SECTION 8. REDEMPTION OF THE REFUNDED BONDS.
The Board hereby unconditionally and irrevocably authorizes and instructs the Escrow
Agent to take all action necessary or appropriate to cause the redemption of the Refunded Bonds
on the Redemption Date in accordance with the terms of the Refunded Bonds.
The Board irrevocably authorizes and instructs the Escrow Agent to mail the notice of
redemption in substantially the form attached hereto as Exhibit D by first class mail in a sealed
envelope with postage prepaid to the registered owners of the Refunded Bonds not less than
thirty (30) days nor more than sixty (60) days prior to each date of redemption, at their respective
addresses as they last appear in the registration books maintained by the Board or at such other
address as is furnished in writing by such owner to the Escrow Agent. The Board represent to the
Escrow Agent that the Refunded Bonds are registered in the name of Cede & Co. as nominee of
The Depository Trust Company, New York, New York, and agrees to notify the Escrow Agent
of any change in the name or address of the registered owner or owners of the Refunded Bonds.
In addition, the Escrow Agent shall cause notice of defeasance and such redemption to be
provided to the Municipal Securities Rulemaking Board (the “MSRB”), in an electronic format
as prescribed by the MSRB and accompanied by such identifying information as is prescribed by
the MSRB.
SECTION 9. TERMINATION.
This Agreement shall terminate when the principal of, and interest on all Refunded Bonds
has been paid. Moneys held by the Escrow Agent in the Escrow Fund for the payment and
discharge of any of the Refunded Bonds or any interest thereon which has theretofore become
due and payable which remain unclaimed for five (5) years after the date when such Refunded
Bonds shall have become due and payable, either at their stated maturity dates or by call for
earlier redemption, shall, at the written request of the Board, be repaid by the Escrow Agent to
the Board as its absolute property and free from the trust created by the Bond Resolution and this
Agreement. The Escrow Agent shall thereupon be released and discharged with respect thereto
and hereto and the owners of such Refunded Bonds payable from such moneys shall look only to
the Board for the payment of such Refunded Bonds or such interest. Any amounts held in the
Escrow Fund (other than amounts held for Refunded Bonds which have theretofore matured or
been called for redemption or any interest thereon which has theretofore become due and payable
but remains unclaimed as described above) shall be paid by the Escrow Agent to the Borough on
the date of termination of this Agreement.
SECTION 10. SUPPLEMENTAL AGREEMENTS.
(a) This Agreement is made for the benefit of the Board and the owners from time to
time of the Refunded Bonds and shall not be repealed, revoked, altered or amended without the
written consent of the owners of all of the Refunded Bonds which remain unpaid at that time and
the written consent of the Escrow Agent; provided, however, that the Board and the Escrow
Agent may, without the consent of, or notice to, such owners, enter into such agreements
supplemental to this Agreement as shall not adversely affect the rights of such owners and as
Barnegat Township Board of Education Meeting Minutes
April 24, 2012 59