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1992-04-30 Resolution 52
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1992-04-30 Resolution 52
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9/9/2008 2:30:34 PM
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7/18/2008 4:56:30 PM
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t~ <br />~~ <br />transaction in which the Authority may be interested, and the <br />Trustee may be depository, trustee, transfer agent, registrar <br />or agent of the Authority, or for any committee or other body <br />in respect to the bonds, notes, debentures, obligations or <br />securities of the Authority, whether or not issued pursuant <br />hereto. <br />(i) The Trustee may, in relation to any powers or duties <br />imposed upon it by this Agreement, act upon the opinion or <br />advice of an attorney, surveyor, engineer or accountant, <br />whether retained by the Trustee or by the Authority, and shall <br />not be responsible for any loss resulting from any action or <br />non-action in accordance with any such opinion or advice. <br />(j) The Trustee is relieved from filing any inventory, <br />or qualifying under the jurisdiction of any court, or <br />otherwise complying with the provisions of the Uniform <br />Trustees' Accounting Act of 1945, or with any laws amendatory <br />thereof or supplemental thereto, and the provisions of said <br />law are hereby waived. <br />Sec. 9.02. The Trustee agrees to invest funds from time to <br />time held by it as Trustee under this Agreement, and apply the <br />interest earned thereon as provided in Articles III, but shall not <br />be under any duty or obligation to pay interest on any funds held <br />by it which .cannot practicably be so invested either to the <br />Authority or to the holder of any Bond, or to any other person; any <br />and all such liability for the payment of such interest being <br />hereby expressly waived. <br />Sec. 9.03. In the event that the Trustee, or any successor <br />trustee, shall become legally consolidated or merge with another <br />banking association or corporation, the banking association or <br />corporation resulting from such consolidation or merger shall <br />thereupon become and be the Trustee hereunder with the same titles, <br />rights, powers, benefits, duties and limitations, without the <br />execution or filing or recording of any instrument, and without any <br />action on the part of the Authority or the holders of Bonds <br />hereunder. A purchase of the assets and assumption of the <br />liabilities of the Trustee by another banking association or <br />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 resign <br />the trust created by this Agreement upon first giving notice of <br />• -31- <br />
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