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Agenda - 03-02-2006-8bTA
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Agenda - 03-02-2006-8bTA
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Last modified
9/2/2008 1:38:17 AM
Creation date
8/29/2008 9:13:06 AM
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BOCC
Date
3/2/2006
Document Type
Agenda
Agenda Item
8bTA
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Minutes - 20060302
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\Board of County Commissioners\Minutes - Approved\2000's\2006
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otherwise deal with the Company or with the County or its affiliates with the same <br />rights it would have if it were not Trustee. <br />Section 9.03. Disclaimer. The Trustee makes na representation as to the <br />validity or adequacy of this Trust Agreement or the Certificates, and the Trustee <br />will not be accountable for the County's use of the proceeds from the Certificates. <br />Section 9.04. Eligibility. The Company will maintain a Trustee far this <br />Trust Agreement that is a corporation organized and doing business under the laws <br />of the United States or any state or the District of Columbia, is authorized under <br />such laws and the laws of the State to exercise corporate trust powers, is subject to <br />supervision or examination by the United States, any state or the District of <br />Columbia and has a combined capital and surplus of at least $100,000,000 as set <br />forth in its most recent published annual report of condition. <br />Section 9.05. Resignation; Removal; Replacement. The Trustee may <br />resign by notifying the County and the Insurer. The Majority owners, with the <br />Insurer's consent, may remove the Trustee by notifying the County and the <br />removed Trustee and may appoint a successor Trustee. The County, ujith the <br />Insurer's consent, may remove the Trustee by notifying the removed Trustee. The <br />Insurer may remove the Trustee at any time, by notifying the County and the <br />remo~Ted Trustee, for any breach of the trust established in tlus Agreement. <br />If the Trustee resigns or is removed or if a vacancy exists in the office of <br />Trustee for any reason, the County, will promptly appoint a successor Trustee <br />(except ujhen that right is exercised by the Majority OuTners as described in the <br />preceding paragraph). No corporation will be eligible for appointment as successor <br />Trustee unless such corporation {a) meets the requirements of Section 9.04 and {b) <br />either has previously been approved by the LGC for service as a corporate trustee <br />or obtains such appro~-~a1 from the LGC. <br />A successor Trustee ujill deliver a written acceptance of its appointment to <br />the retiring Tnistee and to the Count}~~. Immediately thereafter, the retiring Trustee <br />will transfer all property held by it as Trustee to the successor Trustee; the <br />resignation or removal of the retiring Trustee will then {but only then) become <br />effective, and the successor Trustee will have all the rights, powers and duties of <br />the Trustee under this Trust Agreement. <br />If the Trustee fails to comply with Section 9.04, the County or any Owner <br />may petition any court of competent j urisdiction for the removal of the Trustee and <br />the appointment of a successor Trustee. <br />J3862v2 ~9 <br />
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