Laserfiche WebLink
• ARTICLE IX. <br />Concerning the Trustee <br />Sec. 9.01. The Trustee hereby accepts the trusts of this <br />Agreement upon the following terms and conditions, to which the <br />parties and the registered holders of said Bonds agree: <br />(a) After completion of construction of the Project, the <br />Trustee shall annually prepare a financial report covering <br />disbursements and receipts of all funds of the Authority held by <br />the Trustee hereunder and shall furnish a copy to the Authority. <br />(b) The Trustee shall be under no obligation to see to any <br />filing or recording of this Agreement or any agreement supplemental <br />hereto, and may authenticate and deliver the Bonds in accordance <br />with the provisions hereof prior to any filing or recording of this <br />Agreement. <br />(c) The Trustee shall be entitled to reasonable compensation <br />for all services rendered in the execution of the trusts hereby <br />created, and may employ agents, attorneys and counsel in the <br />execution of such trusts; and the compensation of the Trustee, as <br />well as the reasonable compensation of its attorneys and counsel <br />and of such persons as it may employ in the administration or <br />management of the trusts hereunder, and all other reasonable <br />. expenses necessarily incurred or actually disbursed hereunder, the <br />Authority agrees to pay to the Trustee on demand, and for such <br />payment the Trustee shall have a lien on all funds in the hands of <br />the Trustee not held in trust for any specific purpose in priority <br />to the rights and claims of the holders of said Bonds. <br />(d) The Trustee shall not be responsible in any manner for: <br />(1) the validity, execution, acknowledgment, filing or <br />recording of this Agreement or any agreement supplemental hereto, <br />or the refiling or rerecording thereof; <br />(2) for any recitals, covenants or agreements of the <br />Authority in the Bonds or herein contained, except to pay from the <br />Operation and Reserve Fund expenses incurred by the Authority to <br />enable it to comply with its covenants contained herein; <br />(3) for the default or misconduct of any agent or <br />employee appointed by it, if such agent or employee shall have been <br />selected with reasonable care, or for anything done by it in <br />connection with this trust, except for its willful misconduct or <br />gross negligence; <br />-37- <br />