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1990-12-17 Resolution 26
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1990-12-17 Resolution 26
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7/17/2008 2:02:19 PM
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corporation shall be deemed to be consolidation or merger for the <br />• purposes of this section. <br />Sec. 9.04. The Trustee, or any successor .trustee, may be <br />removed at any time by an instrument or concurrent instruments in <br />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 authorized. <br />Sec. 9.05. The Trustee, or any successor trustee, may <br />resign the trust created by this Agreement upon first giving notice <br />of such proposed resignation and specifying the date when such <br />resignation shall take effect, which notice shall be given to the <br />Authority in writing at least twenty (20) days prior to the date <br />when such resignation shall take effect, and shall be given to the <br />Bondholders by mail at least twenty (20) days prior to the date <br />when such resignation shall take effect. Such resignation shall <br />take effect on the day so designated in such notice, unless <br />previously a successor trustee shall be appointed as hereinafter <br />provided, in which event such resignation. shall take effect <br />immediately upon the appointment of such successor 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 or <br />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 new <br />trustee shall be appointed by the Bondholders, any trustee <br />theretofore appointed by the Authority shall thereupon and thereby <br />be superseded and retired. Each such successor trustee appointed <br />by any of such methods shall be a bank or trust company authorized <br />by law so to act, and having a capital and surplus of not less than <br />Five Million Dollars ($5,000,000). <br />Sec. 9.07. Any successor trustee appointed hereunder shall <br />execute, acknowledge and deliver to the Authority, and to its <br />predecessor, an instrument accepting such appointment; and <br />thereupon, upon the execution of the same, such successor trustee, <br />without any further act or instruments or deeds of conveyance, <br />shall become vested with all of the assets, powers, rights, duties, <br />trusts and obligations of its predecessor in trust hereunder with <br />like effect as if originally named as trustee herein; but <br />nevertheless, on the written request of the successor trustee, the <br />trustee ceasing to act shall execute and deliver to such successor <br />trustee all conveyances and instruments proper to evidence the <br />-37- <br />
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