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1992-09-10 Resolution 64
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1992-09-10 Resolution 64
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7/23/2008 2:11:07 PM
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<br />Sec. 9.02. The Tr'izstee agrees to invest funds (subject to <br />Sec. 5.14 hereof) from time to time held by it as Trustee under <br />this Agreement, and apply the interest earned thereon as provided <br />in Article III, but shall not be under any duty or obligation to <br />pay interest on any funds held by it which cannot practicably be <br />so invested either to the Authority or to the holder of any Bond, <br />or to any other person; any and all such liability for the payment <br />of such interest being 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 />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 />-39- <br />
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