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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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(o) The Trustee shall not be liable to the parties hereto or deemed in breach or <br />default hereunder if and to the extent its performance hereunder is prevented by reason of <br />force majeure. The term "force majeure" means an occurrence that is beyond the control <br />of the Trustee and could not have been avoided by exercising due care. Force majeure <br />shall include but not be limited to acts of God, terrorism, war, riots, strikes, fire, floods, <br />earthquakes, epidemics or other similar occurrences. <br />(p) The Trustee does not have a duty to review any financial statements or <br />reports of the City, is not considered to have notice of the content of any such statements <br />or reports and does not have a duty to verify the accuracy of such financial statements or <br />reports. <br />(q) The Trustee may consult with counsel, who may be bond counsel or other <br />counsel of or to the City, with regard to legal questions, and the opinion of such counsel <br />shall be full and complete authorization and protection in respect of any action taken or <br />suffered by it hereunder in good faith and in accordance therewith. <br />(r) The Trustee shall have no responsibility or liability with respect to any <br />information, statements or recital in any offering memorandum or other disclosure <br />material prepared or distributed with respect to the issuance of these Series 2019 Bonds. <br />(s) Whenever in the administration of the trusts imposed upon it by this <br />Indenture the Trustee shall deem it necessary or desirable that a matter be proved or <br />established prior to taking or suffering any action hereunder, such matter (unless other <br />evidence in respect thereof be herein specifically prescribed) may be deemed to be <br />conclusively proved and established by a Certificate of the City, and such certificate shall <br />be full warrant to the Trustee for any action taken or suffered in good faith under the <br />provisions of this Indenture in reliance upon such certificate, but in its discretion the <br />Trustee may, in lieu thereof, accept other evidence of such matter or may require such <br />additional evidence as it may deem sufficient. <br />SECTION 6.03 Fees, Charges and Expenses of Trustee. The Trustee shall be entitled to <br />payment and reimbursement for reasonable fees for its services rendered hereunder and all <br />advances, counsel fees (including expenses) and other expenses reasonably and necessarily made <br />or incurred by the Trustee in connection with such services. Upon the occurrence of an Event of <br />Default hereunder, but only upon an Event of Default, the Trustee shall have a lust lien with <br />right of payment prior to payment of any Series 2019 Bond upon the amounts held hereunder for <br />the foregoing fees, charges and expenses incurred by it respectively. <br />SECTION 6.04 Notice to Bond Owners of Default. If an Event of Default hereunder <br />occurs with respect to any Series 2019 Bonds, of which the Trustee has been given or is deemed <br />to have notice, as provided in Section 6.02(h) hereof, then the Trustee shall promptly give <br />written notice thereof by first-class mail to the Owner of each such Series 2019 Bond, unless <br />such Event of Default shall have been cured before the giving of such notice; provided, however, <br />that unless such Event of Default consists of the failure by the City to make any payment when <br />due, the Trustee may elect not to give such notice if and so long as the Trustee in good faith <br />determines that it is in the best interests of the Bond Owners not to give such notice. <br />55394.00055\32329348.3 554-46 <br />
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