1991-11-15 Resolution 46 - Laserfiche WebLink

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.All moneys, and obligations and time certificates of deposit held by the Trustee .pursuant to :this Section shall be held in trust and said moneys and the principal and interest of said obligations and time certificates of deposit when received, applied to -the payment, when due, of the .principal. and the interest and the premium, if any, of the Bonds so called for redemption. Sec. 8.02. Any Bond not presented at the proper time and place for payment shall, within the meaning of this Agreement, be deemed to be fully- paid when due if the money necessary to discharge the principal amount thereof -and -all interest then accrued and unpaid thereon (and the premium required in case of redemption before maturity) is held by the Trustee when or before the same become due. The holder of any such Bond shall not be entitled to any interest thereon after the maturity thereof nor to any interest upon money so held by the Trustee. ARTICLE IX. Concerning the Trustee Sec. 9.01. The Trustee hereby accepts the trusts of this Agreement upon the following terms. and conditions, to which the parties and the registered holders of said Bonds agree: (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 of such 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. • -28-