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55A - RESO - GAS TAX BONDS
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11/05/2019
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55A - RESO - GAS TAX BONDS
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Last modified
10/30/2019 12:55:49 PM
Creation date
10/30/2019 11:40:51 AM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
55A
Date
11/5/2019
Destruction Year
2024
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(1) Before taking the action referred to in Section 8.03 and this Article the <br />Trustee may require that an indemnity bond satisfactory in terms and amount be <br />furnished for the reimbursement of all expenses to which it may be put and to protect it <br />against all liability, except liability which is finally adjudicated by a court of law to have <br />resulted from its negligence or willful default in connection with any such action. <br />(m) All moneys received by the Trustee shall, until used or applied or invested <br />as herein provided, be held in trust for the purposes for which they were received but <br />need not be segregated from other funds except to the extent required by law. The Trustee <br />shall not be under any liability for interest on any moneys received hereunder except such <br />as it may agree to in writing. <br />(n) The Trustee shall have the right to accept and act upon instructions, <br />including funds transfer instructions ("Instructions") given pursuant to this Indenture and <br />delivered using Electronic Means ("Electronic Means" shall mean the following <br />communications methods: e-mail, facsimile transmission, secure electronic transmission <br />containing applicable authorization codes, passwords and/or authentication keys issued <br />by the Trustee, or another method or system specified by the Trustee as available for use <br />in connection with its services hereunder); provided, however, that the City shall provide <br />to the Trustee an incumbency certificate listing officers with the authority to provide such <br />Instructions ("Authorized Officers") and containing specimen signatures of such <br />Authorized Officers, which incumbency certificate shall be amended by the City <br />whenever a person is to be added or deleted from the listing. If the City elects to give the <br />Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act <br />upon such Instructions, the Trustee's understanding of such Instructions shall be deemed <br />controlling. The City understands and agrees that the Trustee cannot determine the <br />identity of the actual sender of such Instructions and that the Trustee shall conclusively <br />presume that directions that purport to have been sent by an Authorized Officer listed on <br />the incumbency certificate provided to the Trustee have been sent by such Authorized <br />Officer. The City shall be responsible for ensuring that only Authorized Officers transmit <br />such Instructions to the Trustee and that the City and all Authorized Officers are solely <br />responsible to safeguard the use and confidentiality of applicable user and authorization <br />codes, passwords and/or authentication keys upon receipt by the City. The Trustee shall <br />not be liable for any losses, costs or expenses arising directly or indirectly from the <br />Trustee's reliance upon and compliance with such Instructions notwithstanding the fact <br />that such directions conflict or are inconsistent with a subsequent written instruction. The <br />City agrees: (i) to assume all risks arising out of the use of Electronic Means to submit <br />Instructions to the Trustee, including without limitation the risk of the Trustee acting on <br />unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that <br />it is fully informed of the protections and risks associated with the various methods of <br />transmitting Instructions to the Trustee and that there may be more secure methods of <br />transmitting Instructions than the method(s) selected by the City; (iii) that the security <br />procedures (if any) to be followed in connection with its transmission of Instructions <br />provide to it a commercially reasonable degree of protection in light of its particular <br />needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any <br />compromise or unauthorized use of the security procedures. <br />55394.00055\32329348.3 554-45 <br />
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