City of Jonesboro Finance & Administration Council Committee Meeting Agenda 2026-05-26
First Security Bank to Administer Bond Escrow
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Description
Jonesboro plans to appoint First Security Bank as both Escrow Agent and Trustee under an Escrow Deposit Agreement tied to defeasing its 2022 Colson Caster economic development bonds. The bank will manage escrow funds and oversee redemption of the Series 2022A and 2022B bonds through April 1, 2027.
Contract Details
Vendor
FIRST SECURITY BANK
Agency
City of Jonesboro, AR
Contract Type
FINANCIAL_SERVICES
Document Date
May 25, 2026
Contract Term
From execution of Escrow Deposit Agreement in 2026 until all Series 2022A and 2022B bonds are fully paid, expected by April 1, 2027
Renewal Date
2027-04-01
Renewal Info
Agreement is irrevocable and remains in force until all defeased bonds are retired; no modification without written consent of all bondholders except to cure ambiguities or further assure security.
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