The document by and among the Issuer, the Escrow Trustee and sometimes the Trustee and the Borrower, if any, that is used in the Refunding to Defease the Refunded Bonds by establishing the Escrow Fund and imposing certain obligations and covenants with respect to the Refunded Bonds, including the payment of the Principal and Interest of the Refunded Bonds through the earlier of Redemption or Maturity.
Trust account established in the escrow deposit agreement that holds cash, investments, usually obligations of the federal government or, sometimes, federal agencies, or both, all of which are pledged to the payment of the debt service of the refunded bonds.
The custodian of funds held in the escrow fund and responsible for holding and managing the escrow fund, including any investments in the escrow fund, up to and including the date when the refunded bonds mature or redeemed, whichever is earlier.
A charge imposed against properties in a designated district in respect of special benefits received by those properties from the construction of nearby or adjacent public improvements, separate and apart from the general benefit accruing to the public at large.
