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8448-93 Authorizing City of South Bend Economic Development Revenue Refunding Bonds (First Bank Center Project) $8,030,384.77
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8448-93 Authorizing City of South Bend Economic Development Revenue Refunding Bonds (First Bank Center Project) $8,030,384.77
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Last modified
3/21/2013 4:22:24 PM
Creation date
10/1/2012 2:09:23 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/13/1993
Ord-Res Number
8443-93
Bill Number
108-93
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ARTICLE X <br />THE TRUSTEE <br />Section 1001. Certain Duties and Responsibilities. (a) Except during the continuance <br />of an Event of Default: <br />(1) the Trustee undertakes to perform such duties and only such duties as are <br />specifically set forth in this Indenture, and no implied covenants or obligations shall <br />be read into.this Indenture against the Trustee; and <br />(2) in the absence of bad faith on its part, the Trustee may conclusively rely, <br />as to the truth of the statements and the correctness of the opinions expressed therein, <br />upon certificates or opinions furnished to the Trustee and conforming to the <br />requirements of this Indenture; but in the case of any such certificates or opinions <br />which by any provision hereof are specifically required to be furnished to the Trustee, <br />the Trustee shall be under a duty to examine the same to determine whether or not <br />they conform to the requirements of this Indenture. <br />(b) In case an Event of Default has occurred and is continuing, the Trustee shall <br />exercise such of the rights and powers vested in it by this Indenture, .and use the same degree <br />of care and skill in their exercise, as a prudent man would exercise or use under the <br />circumstances in the conduct of his own affairs. <br />(c) No provision of this Indenture shall be construed to relieve the Trustee from <br />liability for its own negligent action, its own negligent failure to act, or its own wilful <br />misconduct, except that: <br />(1) this Subsection shall not be construed to limit the effect of Subsection (a) <br />of this Section; <br />(2) the Trustee shall not be liable for any error of judgment made in good <br />faith by one of its responsible officers, unless it shall be proved that the Trustee was <br />negligent in ascertaining the pertinent facts; <br />(3) the Trustee shall not be liable with respect to any action taken or omitted <br />to be taken by it in good faith in accordance with the direction of the holders of a <br />majority in principal amount of the Bonds outstanding relating to the time, method <br />and place of conducting any proceeding for any remedy available to the Trustee, or <br />exercising any trust or power conferred upon the Trustee, under this Indenture; and <br />(4) no provision of this Indenture shall require the Trustee to expend or risk <br />its own funds or otherwise incur any financial liability in the performance of any of <br />its duties hereunder, or in the exercise of any of its rights or powers, if it shall have <br />reasonable grounds for believing that repayment of such funds or adequate indemnity <br />against such risk or liability is not reasonably assured to it. <br />-31- <br />
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