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60-18 Bond Financing for the Community Center Project
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60-18 Bond Financing for the Community Center Project
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Last modified
11/7/2018 2:09:11 PM
Creation date
11/7/2018 2:08:28 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/12/2018
Bill Number
60-18
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ARTICLE VIII <br /> THE TRUSTEE <br /> Section 8.1 Acceptance of the Trusts. The Trustee hereby accepts the trusts imposed <br /> upon it by this Indenture, and agrees to perform said trusts as a corporate trustee ordinarily <br /> would perform said trusts under a corporate indenture, but no implied covenants or obligations <br /> shall be read into this Indenture against the Trustee. <br /> (a) The Trustee may execute any of the trusts or powers hereof and perform any of its <br /> duties by or if appointed through attorneys, agents, receivers or employees but shall be <br /> answerable for the conduct of the same in accordance with the standard specified above, and <br /> shall be entitled to advice of Counsel concerning all matters of trusts hereof and the duties <br /> hereunder, and may in all cases pay such reasonable compensation to all such attorneys, agents, <br /> receivers and employees as may reasonably be employed in connection with the trusts hereof. <br /> The Trustee may act upon the opinion or advice of any attorney (who may be the attorney or <br /> attorneys for the Issuer or the Public Library). The Trustee shall not be responsible for any loss <br /> or damage resulting from any action or non-action in good faith in reliance upon such opinion or <br /> advice. <br /> (b) The Trustee shall not be responsible for any recital herein, or in the Bonds (except <br /> in respect to the certificate of the Trustee endorsed on the Bonds), or for insuring the property <br /> herein conveyed or collecting any insurance moneys, or for the validity of the execution by the <br /> Issuer of this Indenture or of any supplements thereto or instruments of further assurance, or for <br /> the sufficiency of the security for the Bonds issued hereunder or intended to be secured hereby, <br /> or for the value or title of the property herein conveyed or otherwise as to the maintenance of the <br /> security hereof; but the Trustee may require of the Issuer full information and advice as to the <br /> performance of the covenants, conditions and agreements aforesaid or as to the condition of the <br /> property herein conveyed. The Trustee shall have no obligation to perform any of the duties of <br /> the Issuer under the Financing Agreement, and the Trustee shall not be responsible or liable for <br /> any loss suffered in connection with any investment of funds made by it in accordance with the <br /> provisions of this Indenture. <br /> (c) The Trustee shall not be accountable for the use of any Bonds authenticated by it <br /> or delivered hereunder. The Trustee may become the owner of Bonds secured hereby with the <br /> same rights which it would have if not Trustee. <br /> (d) The Trustee shall be protected in acting upon any notice, request, consent, <br /> certificate, order, affidavit, letter, telegram or other paper or document believed to be genuine <br /> and correct and to have been signed or sent by the proper person or persons. Any action taken by <br /> the Trustee pursuant to this Indenture upon the request or authority or consent of any person who <br /> at the time of making such request or giving such authority or consent is the owner of any Bonds, <br /> shall be conclusive and binding upon all future owners of the same Bond and upon Bonds issued <br /> in exchange therefor or in place thereof. <br /> (e) As to the existence or non-existence of any fact or as to the sufficiency or validity <br /> of any instrument, paper or proceeding, the Trustee shall be entitled to rely upon a certificate <br /> signed on behalf of the Issuer by its duly authorized officers as sufficient evidence of the facts <br /> therein contained, and prior to the occurrence of a default of which the Trustee has been notified <br /> 35 <br />
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