1984-20 CRA - Laserfiche WebLink

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. . . Section 20. Fiscal Agent and Paying Agents. The Agency will appoint a national or state banking association, as Fiscal Agent hereunder, to act as the agent, trustee and depositary of the Agency for the purpose of receiving Pledged Tax Revenues and other funds in trust as provided in this Resolution, to hold, allocate, use and apply the Pledged Tax Revenues and other funds in trust as provided in this Resolution, and to perform the other duties and powers of the Fiscal Agent as are prescribed in this Resolution. The Agency may remove the Fiscal Agent initially appointed, or any successor, and shall forthwith appoint a successor thereto, with written notice to the Bond Insurer, but any successor shall be a bank or trust company doing business and having an office in the City of Los Angeles, having a combined capital and surplus of at least $50,000,000. The Fiscal Agent or any substituted Fiscal Agent may at any time resign by filing written notice thereof with the Agency and the Bond Insurer. Upon a resignation in writing, the Agency shall forthwith appoint a substitute Fiscal Agent with notice to the Bond Insurer, and the resignation shall become effective upon appointment. In the event that the Fiscal Agent or any successor becomes incapable of acting as such, the Agency shall forthwith appoint a substitute Fiscal Agent. Any bank or trust company into which the Fiscal Agent may be merged or with which it may be consolidated shall become the Fiscal Agent without action of the Agency. The Fiscal Agent may become the owner of any of the Bonds authorized by this Resolution with the same rights it would have had if it were not the Fiscal Agent. The Fiscal Agent shall have no duty or obligation to enforce the collection of or to exercise diligence in the enforcement of the collection of funds assigned to it hereunder, or as to the correctness of any amounts received, but its liability shall be limited to the proper accounting for the funds that it actually receives. The recitals of fact and all promises, covenants and agreements herein and in the Bonds shall be taken as statements, promises, covenants and agreements of the Agency, and the Fiscal Agent assumes no responsibility for the correctness of them, and makes no representations as to the validity or sufficiency of this Resolution or of the Bonds, and shall incur no reponsibility in respect thereof, other than in connection with the duties or obligations herein or in the Bonds assigned to or imposed upon the Fiscal Agent. The Fiscal Agent shall not be liable in connection with the performance of its duties hereunder, except for its own negligence or default. The Agency may provide through the Fiscal Agent, during the life of the Bonds, for Paying Agents, (in Chicago, Illinois, and in New York, New York) at the office of which the Bonds are payable at the option of the Owner. 11-30-84 l282p/2281/04 -24-