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1988-06-17 Resolution 6
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1988-06-17 Resolution 6
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7/17/2008 11:35:33 AM
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Sec. 9.03. In the event that the Trustee, or any <br />successor trustee, shall b~dvme legally consolidated or merge <br />. with another banking association or corporation, the banking <br />association or corporation resulting from such. consolidation or <br />merger shall thereupon become and be the Trustee hereunder with <br />the same titles, rights, powers, benefits, duties and <br />limitations, without the execution or filing or recording of any <br />instrument, and without any action on the part of the Authority <br />or the holders of Bonds hereunder. A purchase of the assets and <br />assumption of the liabilities of the Trustee by another banking <br />association or corporation shall be deemed to be consolidation or <br />merger for the purposes of this section. <br />Sec. 9.04. The Trustee, or any successor trustee, may <br />be removed at any time by an instrument or concurrent instruments <br />in writing filed with the Trustee and signed by the holders of a <br />majority in principal amount of the Bonds then outstanding <br />hereunder, or by their attorneys-in-fact thereunto duly <br />authorized. <br />Sec. 9.05. The Trustee, or any successor trustee, may <br />resign the trust created by this Agreement upon first giving <br />notice of such proposed resignation and specifying the date when <br />such resignation shall take effect, which notice shall be given <br />to the Authority in writing at least twenty (20) days prior to <br />the date when such resignation shall take effect, and shall be <br />given to the Bondholders by mail at least twenty (20) days prior <br />to the date when such resignation shall take effect. Such <br />• resignation shall take effect on the day so designated in such <br />notice, unless previously a successor trustee shall be appointed <br />as hereinafter provided, in which event such resignation shall <br />take effect immediately upon the appointment of such successor <br />trustee. <br />Sec. 9.06. In case at any time the Trustee shall become <br />incapable of acting, or shall be removed, a successor trustee may <br />be appointed by the holders of at least a majority in principal <br />amount of the Bonds•hereby secured and then outstanding, by an <br />instrument or instruments in writing signed by such Bondholders <br />or by their duly constituted attorneys-in-fact; but until a new <br />trustee shall be so appointed by the Bondholders, the Authority, <br />by an instrument executed by order of its board of directors, may <br />appoint a trustee to fill such vacancy until a new trustee shall <br />be appointed by the Bondholders as aforesaid, and when any such <br />new trustee shall be appointed by the Bondholders, any trustee <br />theretofore appointed by the Authority shall thereupon and <br />thereby be superseded and retired. Each such successor trustee <br />appointed by any of such methods shall be a bank or trust company <br />authorized by law so to act, and having a capital and surplus or <br />not less than Five Million Dollars ($5,000,000). <br />Sec. 9.07. Any successor trustee appointed hereunder <br />shall execute, acknowledge and deliver to the Authority, and to <br />its predecessor, an instrument accepting such appointment; and <br />• thereupon, upon the execution of the same, such successor <br />trustee, without any further act or instruments or deeds of <br />-37- <br />
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