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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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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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(c) indemnification for and against any loss, liability or expense incurred by <br />the Trustee, arising out of or in connection with the acceptance or administration of <br />this trust, including the costs and expenses of defending itself against any claim or <br />liability in connection with the exercise or performance of any of its powers or duties <br />hereunder except for any loss, liability or expense occasioned by the neglect or <br />misconduct of it.' <br />The Trustee agrees to look solely to the Borrower for such payment, reimbursement <br />and indemnification and that the Trustee shall have no lien on, or security interest in, the <br />trust estate as security for such payments, reimbursements and indemnifications, except to <br />the extent provided for in Section 905 hereof. <br />Section 1008. Corporate Trustee Required; Eligibility. There shall at all times be a <br />Trustee hereunder which shall be a corporation organized and doing business under the laws <br />of the United States of America or of any state, authorized under such laws to exercise <br />corporate trust powers and under the laws of the State of Indiana to exercise such corporate <br />trust powers within the State of Indiana, subject to supervision or examination by Federal or <br />state authority. Any Trustee which is a successor trustee to the Trustee originally named <br />herein shall have a combined capital and surplus of at least $100,000,000. If such <br />corporation publishes reports of condition at least annually, pursuant to law or to the <br />requirements of the aforesaid supervising or examining authority, then for the purposes of <br />this Section, the combined capital and surplus of such corporation shall be deemed to be its <br />combined capital and surplus as set forth in its most recent report of condition so published. <br />If at any time the Trustee shall cease to be eligible in accordance with the provisions of this <br />Section, it shall resign immediately in the manner and with the effect hereinafter specified in <br />this Article. <br />Section 1009. Resignation and Removal; Appointment of Successor. (a) No <br />resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to <br />this Article shall become effective until the acceptance of appointment by the successor <br />Trustee under Section 1010. <br />(b) The Trustee may resign at any time by giving written notice thereof to the <br />Issuer. If an instrument of acceptance by a successor Trustee shall not have been delivered <br />to the Trustee within 30 days after the giving of such notice of resignation, the resigning <br />Trustee may petition any court of competent jurisdiction for the appointment of a successor <br />Trustee. <br />(c) The Trustee may be removed at any time by action of the holders of at least <br />51% in principal amount of the Bonds outstanding, delivered to the Trustee and to the <br />Issuer. <br />(d) If at any time: <br />(1) the Trustee shall cease to be eligible under Section 1008 and shall fail to <br />resign after written request therefor by the Issuer or by any such Bondholder, or <br />-34- <br />
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