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1992-06-18 Resolution 56
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1992-06-18 Resolution 56
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• 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be superseded and retired.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 />vesting in the new trustee of the interest and title of the <br />retiring trustee in the trusts hereby created, subject, however, <br />to any 1 ien which the retiring trustee may have pursuant to any <br />provision hereof; and upon request in writing of any successor <br />trustee, the Authority covenants to make, execute, acknowledge and <br />deliver any and all deeds, conveyances, assignments, or instruments <br />in writing for the more fully and certainly vesting in and <br />confirming to such successor trustee all such assets, property, <br />rights, powers and trusts. <br />-38- <br />
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