HomeMy WebLinkAbout01773Trustee as its agent to receive at its main office notices,
presentations and demands in respect of the Bonds and coupons
attached thereto or this ordinance. The Trustee hereby accepts
the trust and assumes the duties herein created and imposed
upon it, but only upon and subject to the following specific
terms and conditions.
(a) Except for its certificate of authentication
upon the Bonds, the Trustee shall not be responsible for any
recitals herein or in said Bonds or for the validity of said
Bonds or any of the coupons appurtenant thereto.
(b) The Trustee shall not be under any obligation to take
any action for the execution or enforcement of the trust hereby
created or to institute or defend any suit in respect of the Bonds
or.of this ordinance unless indemnified from time to time to its
satisfaction against any expense or liability connected therewith
and unless requested in writing by the holders of thirty per cent
(30%) in principal amount of the Bonds then outstanding.
(c) The Trustee shall be protected in acting upon any
notice, request, consent, certificate, order, affidavit, letter,
telegram or other paper or document believed by it to be genuine
and correct and to have been signed, sent or delivered by the
person or persons by whom such paper or document shall purport
to have been signed, sent or delivered.
(d) The Trustee shall not be responsible for any loss
in principal amount suffered by the city by virtue of any sale
of any bonds or other United States Government obligations
purchased out of the moneys in any of the funds created herein
when such loss was caused by a sale of any such obligation prior
to the maturity thereof.
22.