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1992-06-18 Resolution 56
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1992-06-18 Resolution 56
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7/18/2008 5:17:12 PM
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by the Trustee or by the Authority, and <br />for any loss resulting from any action or <br />with any such opinion or advice. <br />• <br />• <br />shall not be responsible <br />non-action in accordance <br />(j) The Trustee is relieved from filing any inventory, or <br />qualifying under the jurisdiction of any court, or otherwise <br />complying with the provisions of the Uni"form Trustees' Accounting <br />Act of 1945, or with any laws amendatory thereof or supplemental <br />thereto, and the provisions of said law are hereby waived. <br />Sec. 9.02. The Trustee agrees to invest funds from time <br />to time held by it as Trustee under this Agreement, and apply the <br />interest earned thereon as provided in Article 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 <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 />-37- <br />
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