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<br />Section 4.06. Escrow Fund. On the Closing Date, the Treasurer is hereby <br />directed and authorized to cause to be established with Bank of America National Trust <br />and Savings Association, as Escrow Holder, an Escrow Fund pursuant to a suitable <br />Escrow Deposit and Trust Agreement which the Treasurer shall execute on behalf of the <br />City. The Escrow Fund shall be known as the "City of Redwood City, Seaport Boulevard <br />Assessment District (Reassessment and Refunding of 1990) Prior Bonds Escrow Fund" <br />(the "Escrow Fund"). The purpose of the establishment of the Escrow Fund shall be to <br />assure the timely advance retirement of the Prior Bonds, using a portion of the proceeds <br />of the Bonds and other funds held by the City with respect to the Prior Bonds and <br />investment earnings thereon, all as to be specified by appropriate Certificates of the City. <br /> <br />-15- <br /> <br />11261 <br />