1985-54 CRA - Laserfiche WebLink

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. . . 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 willful misconduct. The Agency shall provide written notice to the Bank of the resignation or removal of the Fiscal Agent and of any appointment of a successor thereto. Section 21. Lost, Stolen, Destroyed or Mutilated Bonds. In the event that any Bond is lost, stolen, destroyed or mutilated, the Agency will cause to be issued a new Bond(s) on reasonable terms and conditions, including the payment of costs and the posting of a surety bond if the Agency deems a surety bond necessary, as may from time to time be determined and prescribed by resolution. The Agency may authorize the new Bond to be signed and authenticated in a manner as it determines in the resolution. Section 22. Cancellation of Bonds. All Bonds surrendered to the Fiscal Agent for payment at maturity or, in the case of call and redemption prior to maturity, at the redemption date, shall upon payment therefor be cancelled immediately and destroyed by the Fiscal Agent unless otherwise directed by the Agency. If Bonds are destroyed a certificate of destruction shall forthwith be transmitted to the Treasurer. Any Bonds purchased by the Fiscal Agent shall be cancelled immediately and transmitted to the Treasurer or destroyed. All of the cancelled Bonds not destroyed shall remain in the custody of the Treasurer until destroyed pursuant to due authorization. 12-02-85 9553p/2281/01 -32-