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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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` x <br /> Section 704. Money Held in Trust. Money held by the Trustee shall be held separately <br /> in trust, segregated from other funds of the Trustee. <br /> Section 705. Compensation and Reimbursement. The Issuer shall pay or cause to be <br /> paid to the Trustee reasonable compensation for its services hereunder, and also all its <br /> reasonable expenses and disbursements, and shall indemnify the Trustee against any liabilities <br /> which it may incur in the exercise and performance of its powers and duties hereunder; <br /> provided, however, that except with respect to the Surplus Account, as expressly provided in <br /> Section , the Trustee shall not look to any moneys in the Trust Estate for payment of any <br /> fees, expenses, compensation or indemnity. <br /> Section 706. Successor Trustee. Any corporation or association into which the Trustee <br /> may be converted or merged, or with which it may be consolidated, or to which it may sell or <br /> transfer its trust business and assets as a whole or substantially as a whole, or any corporation <br /> or association resulting from any such conversion, sale, merger, consolidation or transfer to <br /> which it is a party shall, ipso facto, be and become successor Trustee hereunder and vested with <br /> all the title to the whole property or Trust Estate and all the trusts, powers, discretion, <br /> immunities, privileges and all other matters as was its predecessor, without the execution or <br /> filing of any instruments or any further act, deed or conveyance on the part of any of the parties <br /> hereto, anything herein to the contrary notwithstanding. <br /> Section 707. Resignation by the Trustee. The Trustee and any successor Trustee may <br /> at any time resign from the trusts hereby created by giving 60 days' written notice by registered <br /> or certified mail to the Issuer and to each registered owner of the Bonds then Outstanding; <br /> provided that no such resignation shall take effect until a successor Trustee shall have been <br /> appointed and shall have accepted such appointment as provided in Sections 709 and 710. If no <br /> successor Trustee shall have been appointed and have accepted appointment within 60 days <br /> following the giving of all required notices of resignation, the resigning Trustee may petition any <br /> court of competent jurisdiction for the appointment of a successor Trustee. <br /> Section 708. Removal of Trustee. Any Trustee hereunder may be removed at any time <br /> by an instrument appointing a successor meeting the requirements of Section 710, executed by <br /> the holders of a majority in aggregate principal amount of the Bonds then Outstanding, filed with <br /> the Trustee and the Issuer. <br /> Section 709. Appointment of Successor Trustee. If the Trustee or any successor trustee <br /> resigns or is removed or dissolved, or if its property or business is taken under the control of <br /> any state or federal court or administrative body, a vacancy shall forthwith exist in the office <br /> of the Trustee, and the Issuer shall appoint a successor, meeting the requirements of Section <br /> 710, but only upon the receipt of written approval by FHA of the appointment, and shall mail <br /> notice of such appointment to the holders of the Bonds, as the case may be. If the Issuer fails <br /> to make such appointment, the holders of a majority in principal amount of the Bonds then <br /> 2975.1 47 <br />
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