1992-06-23 Resolution 57 - Laserfiche WebLink

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or owners of not less than five percent (5%) in aggregate principal amount of the 198.8 Bonds then outstanding. Section 13. Successor Escrow Trustee. (a) If at any time hereafter the Escrow Trustee shall resign, be removed, be dissolved or otherwise become incapable of acting, or shall be taken over by any governmental official, agency, department or board, a successor Escrow Trustee may be appointed by the owners, holders or agents of not less than fifty- one percent (51%) in aggregate principal amount of the 1988 Bonds then outstanding, by an instrument or concurrent instruments in writing, executed by such owners and filed with the Authority. • (b) In the case a vacancy arises in the position of Escrow Trustee, the Authority may appoint a temporary Escrow M• Trustee to fill such vacancy until a successor Escrow Trustee shall be appointed as provided in Section 13(a), and any such temporary Escrow Trustee shall immediately and without further action be superseded by the Escrow Trustee so appointed. In the event no successor Escrow Trustee is appointed within ninety (90) days after appointment of a temporary Escrow Trustee by the Authority- in accordance with Section 13(a), such temporary Escrow Trustee shall become the successor Escrow Trustee. (c) Every such Escrow Trustee appointed pursuant to the provisions of this Section 13 shall be a corporation with trust powers organized and in good standing under the banking laws of the United States or the State of Indiana, and shall have at the time of appointment capital and surplus of not less than $5,000,000 or -13-