Approving Revenue Bonds Ridgedale Nursing Home

Home Browse Search

same force and effect as if originally named herein. Section 8.3: Upon payment to the Trustee of all of its fees, costs, expenses, commissions, disbursements, outlays, and liabilities the Trustee may be removed at any tima by an instrument or concurrent instruments in writing, delivered to the 'Trustee and to the City and the Commission and signed by the holders of a majority of the principal amount of the Bonds them outstanding. Upon such notice being given by the Bondholders, the removal of the Trustee must be con- curred in by the City and the Commission. before such removal shalt be effective. Section 8.4: In case the Trustee shall resign, or be removed, or dissolved, or otherwise be or become incapable of acting hereunder, or should be taken under the control of any public officer or officers, or of a Receiver appointed by a Court, a successor may be appointed by the holders of a majority of the principal amount of the Bonds then outstanding by an instrument, or concurrent instruments in writing, signed by such holders or by their attorneys in fact duly authorized. Provided, however, that the City and the Commission must approve of the appointment of such successor by its duly authorized officers acting for and on behalf of said City and said Commission evidencing the concurrence of the appointment of a successor Trustee. Any successor Trustee so appointed shall be a bank or trust company in good standing and having a capital and surplus of not less than One Million Dollars ($1,000,000.00). Section 8.5: Any successor Trustee appointed hereunder shall execute, acknowledge, and deliver to its predecessors, and also to the City and the Commission, an instrument in writing accepting such appointment hereunder and, thereupon, any successor. Trustee, without further act, deed, or conveyance shall become fully vested with all the rights, powers, duties, trusts and obligations of its predecessor. Section 8.`: If, upon the removal or resignation of the Trustee, the majority of the Bondholders and the City and the Commission cannot agree upon a successor Trustee, then upon written Wlication being made to the Judge of the Ci.r"t Court, the J090 shall have thc: right to appoint a successor Trustee Y ich shall be n bank or trust comany in good standing and having a capital :,u'i surpJus of not less thin Coe. :Jl io. :; I;o:Lir.rs (St,0.0;000.G0). This provision as to tie r.ppoint!:ant of a successor Trustee by the Judge of the i,ll'"t t` Ort shall h,'coAo elfect.:ve if the ma � - Bondholders � - majority J1 the i�pau hold Cl'R anU " City and t -ILA W - -;: sslon cnnn,m WOO upon a successor Trustee, as above - 19 -