2.2.1 Escrow Agent Services and Paying Agent Services The Contractor shall provide escrow agent services and paying agent services associated with current and advance refundings of Bonds for STO, MDOT and potentially other State Agencies as needed. The Contractor may be required to open an account or series of accounts for the deposit of Bond proceeds, invest those proceeds as directed by the State, in State and Local Government Series (SLGS) or open-market U.S. Treasury securities, or other securities permitted by law, and hold those securities until the call date of each refunded series and maturity and the disbursement of the funds in payment of the refunded Bonds. The Contractor shall prepare the customary reports on fund and account transactions during the term of the Bonds in a format acceptable to the State. The Contractor will perform all services generally required of an escrow agent and paying agent for each refunding issue, including making all debt service payments on the refunded Bonds until the redemption date of the refunded Bonds. All Bidders are advised that the successful Bidder agrees to the terms and conditions set forth in the forms of the Escrow Deposit Agreements (one for use by STO and one for use by MDOT) included as Appendices 4 and 5 to the IFB. The Contractor will be required to execute an Escrow Deposit Agreement in the applicable form at the time of issuance of refunding bonds. In the event that the Contractor provides escrow agent services to other State Agencies in connection with this IFB, the successful Bidder agrees to execute an Escrow Deposit Agreement substantially similar to the Escrow Deposit Agreements included as Appendices 4 and 5. Please note that the forms of Escrow Deposit Agreement included as Appendices 4 and 5 assume that Government Obligations (as defined therein) will be purchased for deposit in the respective Escrow Deposit Fund established under the Escrow Deposit Agreements. If no Government Obligations will be purchased, corresponding changes to the Escrow Deposit Agreements will be made. 2.2.2 The Contractor shall perform all procedures related to a call for redemption of the Bonds including but not limited to: A. Timely provision of any required notices of redemption, including any required delivery of publication of such notices, the out-of-pocket costs for which will be reimbursed by the State; and B. Payment of all principal, premiums and accrued interest on a timely basis. 2.2.3 The Contractor shall maintain an accounting system for all payments of interest and principal on the Bonds and all interest earned on amounts deposited with the Contractor. The accounting system must be capable of providing both historical information concerning actual payment amounts by dates as well as anticipated payment amounts by due dates. 2.2.4 The Contractor must identify a single point of contact for the purposes of this Contract. The Contractor must provide the name, address, phone number and e-mail address of the contact person. That individual shall be the single point of contact to resolve any issues related to this procurement and shall have authority to resolve any operating issues associated with the Contract resulting from this procurement.
