1998-10-19 Resolution 130 - Laserfiche WebLink

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e ~ t (a) The Trustee shall annually prepare a financial report covering disbursements and receipts of all funds of the Authority held by the Trustee hereunder and shall furnish a copy to the Authority. (b) The Trustee shall be under no obligation to see to any filing or recording of this Agreement or any agreement supplemental hereto, and may authenticate and deliver the Bonds in accordance with the provisions hereof prior to any filing or recording of this Agreement. (c) The Trustee shall be entitled to reasonable compensation for all services rendered in the execution of the trusts. hereby created, and may employ agents, attorneys and counsel in the execution ofsuch-trusts; and the compensation of the Trustee, as well as the reasonable compensation of its attorneys and counsel and of such persons as it may employ in the administration or management of the trusts hereunder, and all other reasonable expenses necessarily incurred or actually disbursed hereunder, the Authority agrees to pay to the Trustee on demand, and for such payment the Trustee shall have a lien on all funds in the hands of the Trustee not held in trust for any specific purpose in priority to the rights and claims of the holders of said Bonds. (d) The Trustee shall not be responsible in any manner for: 1. The validity, execution, acknowledgment, filing or recording of this Agreement or any agreement supplemental hereto, or the refiling or rerecording thereof; 2. for any recitals, covenants or agreements of the Authority in the Bonds or herein contained, except to pay from the Operation Fund expenses incurred by the Authority to enable it to comply with its covenants contained herein; 3. for the default or misconduct of any agent or employee appointed by it, if such agent or employee shall have been selected with reasonable care, or for anything done by it in connection with this trust, except for its willful misconduct or gross negligence; 4. for the consequence of any act done in good faith; or 5. for any actions taken by the Trustee in accordance with the opinion of counsel employed by the Trustee. - (e) The Trustee shall be under no obligation to keep advised or informed as to whether the Authority is in default under any of the terms or covenants of this Agreement; and unless and until the Trustee shall have received written notice to the contrary from the holders of at least five percent (5%) in principal amount of the Bonds then outstanding hereunder, the Trustee may, for all purposes of this Agreement, assume that the :ODMA\PCDOCS\SBDOCS 1\24203\2 -31-