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Regarding Issurance of economic development revenue refunding bonds Regency Place Project
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Regarding Issurance of economic development revenue refunding bonds Regency Place Project
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Last modified
5/13/2013 1:13:30 PM
Creation date
10/11/2012 11:14:15 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/9/1992
Ord-Res Number
8314-92
Bill Number
87-92
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, <br /> ARTICLE VII <br /> THE TRUSTEE <br /> Section 701. Certain Duties and Responsibilities. (a) Except during the continuance of <br /> 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 be <br /> 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. <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 person would exercise or use under the <br /> circumstances in the conduct of his or her 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 willful <br /> misconduct, except_that <br /> (1) This subsection (c) shall not be construed to limit the effect of subsection <br /> (a) of this Section; <br /> (2) The Trustee shall not be liable for any error of judgment made in good <br /> faith by a responsible officer, unless it shall be proved that the Trustee was negligent in <br /> ascertaining the pertinent facts; and <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 directions received pursuant to Sections <br /> 603 or 610 or the direction of the holders of a majority of the Bonds relating to the time, <br /> method and place of conducting any proceeding for any remedy available to the Trustee, <br /> or exercising any trust or power conferred upon the Trustee, under this Indenture. <br /> (d) No provisions of this Indenture shall require the Trustee to expend or risk its own <br /> funds or otherwise incur any financial liability in the performance of any of its duties hereunder, <br /> or in the exercise of any of its rights or powers. <br /> 2975.1 44 <br />
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