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<br />, <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Insurer, Upon a resignation in writing, the Agency shall <br />forthwith appoint a substitute Fiscal Agent with notice to the <br />Bond Insurer, and the resignation shall become effective upon <br />appointment. In the event that the Fiscal Agent or any <br />successor becomes incapable of acting as such, the Agency shall <br />forthwith appoint a substitute Fiscal Agent. Any bank or trust <br />company into which the Fiscal Agent may be merged or with which <br />it may be consolidated shall become the Fiscal Agent without <br />action of the Agency. The Fiscal Agent may become the owner of <br />any of the Bonds authorized by this Resolution with the same <br />rights it would have had if it were not the Fiscal Agent. <br /> <br />The Fiscal Agent shall have no duty or obligation to <br />enforce the collection of or to exercise diligence in the <br />enforcement of the collection of funds assigned to it <br />hereunder, or as to the correctness of any amounts received, <br />but its liability shall be limited to the proper accounting for <br />the funds that it actually receives. <br /> <br />The recitals of fact and all promises, covenants and <br />agreements herein and in the Bonds shall be taken as <br />statements, promises, covenants and agreements of the Agency, <br />and the Fiscal Agent assumes no responsibility for the <br />correctness of them, and makes no representations as to the <br />validity or sufficiency of this Resolution or of the Bonds, and <br />shall incur no reponsibility in respect thereof, other than in <br />connection with the duties or obligations herein or in the <br />Bonds assigned to or imposed upon the Fiscal Agent. The Fiscal <br />Agent shall not be liable in connection with the performance of <br />its duties hereunder, except for its own negligence or default. <br /> <br />Section 21. Lost, Stolen, Destroyed or Mutilated Bonds. <br />In the event that any Bond is lost, stolen, destroyed or <br />mutilated, the Agency will cause to be issued a new Bond(s) on <br />reasonable terms and conditions, including the payment of costs <br />and the posting of a surety bond if the Agency deems a surety <br />bond necessary, as may from time to time be determined and <br />prescribed by resolution. The Agency may authorize the new <br />Bond to be signed and authenticated in a manner as it <br />determines in the resolution. <br /> <br />Section 22. Cancellation of Bonds, All Bonds <br />surrendered to the Fiscal Agent or any Paying Agent for payment <br />at maturity or, in the case of call and redemption prior to <br />maturity, at the redemption date, shall upon payment therefor <br />be cancelled immediately and transmitted to the Treasurer or <br />destroyed by the Fiscal Agent at the direction of the Agency, <br />If Bonds are destroyed a certificate of destruction shall <br />forthwith be transmitted to the Treasurer. Any Bonds purchased <br />by the Fiscal Agent shall be cancelled immediately and <br /> <br />05-23-86 <br />1665kj2281j06 <br /> <br />-28- <br />