HomeMy WebLinkAbout01780provision of this ordinance, or of the Bonds and/or the coupons
attached thereto, which would otherwise be invalid or illegal,
shall be deemed to apply to this ordinance and to such Bonds
and coupons.
Section 25. That the Trustee may resign and be dis-
charged from the trusts hereby created by notice in writing
given to the Mayor of the city and the City Council at least
thirty days before such resignation is to take effect. Such
resignation shall take effect upon the appointment and quali-
fication of a new trustee if the same be appointed and qualified
before the time limited by such notice.
In case at any time the Trustee shall resign, be
removed or discharged, or otherwise become incapable of acting,
or in case the position of trustee shall become vacant for any
reason, a successor may be appointed by the holders of the
majority in principal amount of the Bonds then outstanding,
by an instrument in writing signed by such holders and filed
with the City Council; provided, that in case at any time
there shall be a vacancy in the office of trustee hereunder said
City Council shall appoint a trustee to fill such vacancy until a
new trustee shall be appointed by the Bondholders as hereby
authorized. Any trustee hereafter appointed shall be a trust
company or a bank having the powers of a trust company as to
trusts holding membership in the Federal Deposit Insurance
Corporation, having an officially reported combined capital,
surplus, undivided profits, and reserves aggregating at least
$1,000,000, being authorized to do and doing business from a
principal office in the State of Washington, and being qualified
to act as a depositary of funds of a city of the State of Washington.
28.