1998-10-19 Resolution 130 - Laserfiche WebLink

Home Browse Search

~ w ` Authority is not in default hereunder and that none of the events hereinbefore defined as "events of default" has happened. (fl The Trustee shall not be required to appear in or defend any suit which may be brought against it respecting the Project, or by reason of being Trustee hereunder, or to institute any suit or proceeding to enforce any covenant or remedy herein provided, or to take any action toward the execution or enforcement of the trusts hereby created, which, in the opinion of the Trustee, will be likely to involve the Trustee in expense or liability, unless the holders of said Bonds or some part thereof shall furnish the Trustee with reasonable security and indemnity against such expense or liability. (g) The Trustee shall be fully protected in acting upon or in accordance =•- '°t with any notice or request, consent, certificate, demand, resolution or other instrument or document believed by the Trustee to be genuine and to have been signed, authorized, executed, certified or sealed by the proper person or persons; and the Trustee is authorized to accept the certificate of the Secretary-Treasurer of the Authority, under its corporate seal, if any, to any resolution of the board of directors of the Authority as conclusive evidence that such resolution was duly and lawfully adopted and is binding upon the Authority. (h) The Trustee, or any officer or director of the Trustee, may acquire and hold Bonds issued hereunder or may engage in or be interested in any financial or other • transaction in which the Authority may be interested, and the Trustee may be depository, trustee, transfer agent, registrar or agent of the Authority, or for any committee or other body in respect to the bonds, notes, debentures, obligations or securities of the Authority, whether or not issued pursuant hereto. (i) The .Trustee may, in relation to any powers or duties imposed upon it by this Agreement, act upon the opinion or advice of an attorney, surveyor, engineer or accountant, whether retained by the Trustee or by the Authority, and shall not be responsible for any loss resulting from any action or non-action in accordance with any such opinion or advice. (j) The Trustee is relieved from filing any inventory, or qualifying under the jurisdiction of any court, or otherwise complying with the provisions of the Uniform Trustees' Accounting Act of 1945, or with any laws amendatory thereof or supplemental thereto, and the provisions of said law are hereby waived. Section 9.02. The Trustee agrees to invest funds from time to time held by it as Trustee under this Agreement, and apply the interest earned thereon as provided in Articles III, but shall not be under any duty or obligation to pay interest on any funds held by it which cannot practicably be so invested either to the Authority or to the holder of any Bond, or to any other person; any and all such liability for the payment of such interest being hereby expressly waived. ::ODMA\PCDOCS\SBDOCSi\24203\2 -32,-