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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
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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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(2) the Trustee shall become incapable of acting or shall be adjudged a <br />bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed <br />or any public officer shall take charge or control of the Trustee or of its property or <br />affairs for the purpose of rehabilitation, conservation or liquidation; <br />then, in any such case, (i) the Issuer may remove the Trustee, or (ii) any Bondholder who <br />has been a bona fide holder of a Bond for at least six months may, on behalf of himself and <br />all others similarly situated, petition any court of competent jurisdiction for the removal of <br />the Trustee and the appointment of a successor Trustee. <br />(e) If the Trustee shall resign, be removed or become incapable of acting, or if a <br />vacancy shall occur in the office of Trustee for any cause, the Issuer shall promptly appoint <br />a successor Trustee. If, within one year after such resignation, removal or incapability, or <br />the occurrence of such vacancy, a successor Trustee shall be appointed by action of the <br />holders of at least 51% in principal amount of the Bonds outstanding delivered to the Issuer <br />and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its <br />acceptance of such appointment, become the successor Trustee and supersede the successor <br />Trustee appointed by the Issuer. If no successor Trustee shall have been so appointed by the <br />Issuer or the Bondholders and accepted appointment in the manner hereinafter provided, any <br />Bondholder who has been a bona fide holder of a Bond for at least 6 months may, on behalf <br />of himself and all others similarly situated, petition any court of competent jurisdiction for <br />the appointment of a successor Trustee. <br />(f) The Issuer shall give notice of each resignation and each removal of the Trustee <br />and each appointment of a successor Trustee by mailing written notice of such event by <br />first -class mail, postage prepaid, to the holders of Bonds at their addresses as shown in the <br />Bond Register maintained pursuant to Section 209 hereof, and to the Borrower. Each notice <br />shall include the name and address of the principal corporate trust officer of the successor <br />Trustee. <br />Section 1010. Acceptance of Appointment. Every successor Trustee appointed <br />hereunder shall execute, acknowledge and deliver to the Issuer and to the retiring Trustee an <br />instrument accepting such appointment, and thereupon the resignation or removal of the <br />retiring Trustee shall become effective and such successor Trustee, without any further act, <br />deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the <br />retiring Trustee; but, on request of the Issuer or the successor Trustee, such retiring Trustee <br />shall upon payment of its charges, execute and deliver an instrument transferring to such <br />successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly <br />assign, transfer and deliver to such successor Trustee all property and money held by such <br />retiring Trustee hereunder, subject nevertheless to its lien, if any, provided for in <br />Section 1007. Upon request of any such successor Trustee, the Issuer shall execute any and <br />all instruments for more fully and certainly vesting in and confirming to such successor <br />Trustee all such rights, powers and trusts. <br />-35- <br />
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