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Agenda - 11-16-1993 - VIII-A (2)
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Agenda - 11-16-1993 - VIII-A (2)
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8/16/2017 11:34:26 AM
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BOCC
Date
11/16/1993
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
VIII-A
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Loa <br /> Owner may be entitled to take with like effect as if it did not act in any y capacity hereunder. The Trustee <br /> and the Paying Agent, each in its individual capacity, either as principal or agent, may also engage in <br /> or be interested in any financial or other transaction with the Corporation and may act as depositary, <br /> trustee or agent for any committee or body of Owners of Bonds or other obligations of the Corporation <br /> as freely as if it did not act in any capacity hereunder. <br /> Section 10.09.Construction of Indenture. The Trustee shall construe any of the provisions of <br /> this Indenture insofar as the same may appear to be ambiguous or inconsistent with any other provision <br /> hereof, and any construction of any such provisions hereof by the Trustee in good faith will be binding <br /> on the Owners of the Bonds and any other persons affected thereby. <br /> Section 10.10.Resignation of Trustee. The Trustee may resign and be discharged of the trusts <br /> created by this Indenture by executing an instrument in writing resigning such trusts and specifying the <br /> date when such resignation will take effect, and filing the same with the Corporation, the County and the <br /> Paying Agent not less than 45 days before the date specified in such instrument when such resignation <br /> will take effect, and by giving notice of such resignation by Mail, not less than three weeks before such <br /> resignation date, to all Owners of Bonds. Such resignation will take effect on the day specified in such <br /> instrument and notice unless (i) no successor Trustee has been appointed as hereinafter provided and <br /> accepted such appointment or (ii) previously a successor Trustee has been appointed as hereinafter <br /> provided and accepted such appointment, in which event such resignation will take effect immediately <br /> upon the appointment of such successor Trustee. <br /> Section 10.11.Removal of Trustee. The Trustee may be removed at any time by the Corporation <br /> or by the Owners of not less than a majority in principal amount of Bonds Outstanding by filing with the <br /> Trustee so removed, and with the Corporation and the Paying Agent an instrument or instruments in <br /> writing, appointing a successor, executed by the Corporation if the Trustee has been removed by the <br /> Corporation, or executed by the Owners of not less than a majority in principal amount of Bonds <br /> Outstanding if the Trustee has been removed by said Owners; provided that the Corporation may not <br /> remove the Trustee if an Event of Default has occurred and is continuing hereunder and provided further <br /> that no such removal will be effective until a successor Trustee has been appointed and until such <br /> appointment has been accepted. <br /> Section 10.12.Appointment of Successor Trustee. If the Trustee is removed, resigns or is <br /> dissolved, or if its property or affairs are taken under the control of any state or federal court or <br /> administrative body because of insolvency or bankruptcy, or for any other reason, then a vacancy will <br /> forthwith and ipso facto exist in the office of Trustee and a successor may be appointed by filing with <br /> the Corporation,the County and the Paying Agent an instrument in writing executed by Owners of Bonds <br /> of not less than a majority in principal amount of Bonds Outstanding. Copies of such instrument will be <br /> promptly delivered by the Corporation to the predecessor Trustee and to the Trustee so appointed. <br /> Until a successor Trustee is appointed by the Owners of Bonds as authorized by this Section, the <br /> Corporation, by an instrument authorized by resolution of the governing body of the Corporation, will <br /> appoint a successor Trustee. After any appointment by the Corporation, it will cause notice of such <br /> appointment to be given to the County,the Paying Agent, and by Mail to all Owners of Bonds. Any new <br /> Trustee so appointed by the Corporation will immediately and without further act be superseded by a <br /> Trustee appointed by the Owners of the Bonds in the manner above provided. <br /> Section 10.13.Qualifications of Successor Trustee. Every successor Trustee(a) will be a bank <br /> or trust company(other than)duly organized under the laws of the United States or any state or territory <br /> thereof, subject to examination by such authorizing party, and authorized by law to perform all the duties <br /> imposed upon it by this Indenture, (b)will(i)have a combined capital and surplus of at least$50,000,000 <br /> 41 <br />
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