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COM 1109.000 2020-2022
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COM 1109.000 2020-2022
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Last modified
11/10/2022 11:36:40 AM
Creation date
11/9/2022 11:12:52 AM
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Communications
Communications - Type
COM
Communications - Council Term
2020-2022
Communication
1109
Point
000
Author
Deanna S. Sako, Director of Finance
Communications - Referred To
COUNCIL
Document Relationships
AGE COUNCIL 2022-11-16 2020-2022
(Related To)
Path:
\Council Records\Agendas\2020-2022\Council
RES 618 Draft 01 2020-2022
(Related To)
Path:
\Council Records\Resolutions\2020-2022
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designate for that purpose, a suitable notation as to such action shall be made on such Bonds. If the <br /> County shall so determine, new Bonds so modified as, in the opinion of the County, shall be <br /> necessary to conform to such action shall be prepared and executed, and in that case upon demand of <br /> the Owner of any Outstanding Bond at such effective date such new Bonds shall be exchanged at the <br /> office of the Trustee or at such additional offices as the Trustee may select and designate for that <br /> purpose, without cost to each Owner of Outstanding Bonds, upon surrender of such Outstanding <br /> Bonds. <br /> ARTICLE VII <br /> TRUSTEE <br /> Section 7.1. Duties, Immunities and Liabilities of Trustee. U.S. Bank Trust Company, <br /> National Association is hereby appointed as Trustee for the Bonds unless and until another Trustee is <br /> appointed by the County hereunder. The Trustee shall, prior to an event of default and after curing <br /> all events of default which may have occurred, perform such duties and only such duties as are <br /> specifically set forth herein. Upon the occurrence and upon the continuance of an event of default, <br /> the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the <br /> same degree of care and skill in their exercise, as a reasonable corporate trustee would exercise or <br /> use as trustee under a trust indenture. The County may, at any time, appoint a successor Trustee <br /> satisfying the requirements of Section 7.2 hereof for the purpose of receiving all money which the <br /> County is required to deposit with the Trustee hereunder and to allocate, use and apply the same as <br /> provided in this Indenture. <br /> The Trustee is hereby authorized to and shall mail or cause to be mailed by first class mail, <br /> postage prepaid, or wire transfer in accordance with Section 2.5 hereof, interest payments to the <br /> Bondowners, to select Bonds for redemption, and to maintain the Bond Register. The Trustee is <br /> hereby authorized to pay the principal of and the accrued interest and premium, if any, on the Bonds <br /> when the same are duly presented to it for payment at maturity or on call and redemption, to provide <br /> for the registration of transfer and exchange of Bonds presented to it for such purposes,to provide for <br /> the cancellation of Bonds all as provided in this Indenture, and to provide for the authentication of <br /> Bonds, and shall perform such other duties expressly assigned to or imposed on it as provided in this <br /> Indenture; provided, however, that no other duties of the Trustee shall be implied or imposed upon <br /> the Trustee other than as expressly stated hereunder. The Trustee shall keep accurate records of all <br /> funds administered by it and all Bonds paid, discharged and cancelled by it. <br /> The Trustee is hereby authorized to redeem the Bonds when duly presented for payment at <br /> maturity, or on redemption prior to maturity. The Trustee shall cancel all Bonds upon payment <br /> thereof in accordance with the provisions of Section 10.1 hereof. <br /> The County shall from time to time, subject to any agreement between the County and the <br /> Trustee then in force, pay to the Trustee compensation for its services and reimburse the Trustee for <br /> all its advances and expenditures, including, but not limited to, advances to and fees and expenses of <br /> independent accountants or counsel employed by it in the exercise and performance of its powers and <br /> duties hereunder. <br /> Section 7.2. Removal of Trustee. The County may at any time at its sole discretion <br /> remove the Trustee initially appointed, and any successor thereto, by delivering to the Trustee a <br /> written notice of its decision to remove the Trustee and may appoint a successor or successors <br /> thereto; provided that any such successor, other than the Trustee, shall be a bank or trust company <br /> 44 <br />
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