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10B Action 2014 0616
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10B Action 2014 0616
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Last modified
6/30/2014 10:00:25 AM
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6/11/2014 10:56:24 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
6/16/2014
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PowerPoint 10B Action 2014 0616 Tax Allocation Bonds
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2014\Packet 2014 0616
SA Reso 2014-002
(Reference)
Path:
\City Clerk\City Council\Resolutions\2014
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-41- <br />in the case the Trustee deems that by reason of any present or future law of any jurisdiction it <br />may notexercise any of the powers, rights or remedies herein granted to the Trustee or hold <br />title to the properties, in trust, as herein granted, or take any other action which may be <br />desirable or necessary in connection therewith, it may be necessary that the Trustee appoint an <br />additional individual or institution as a separate co-trustee. The following provisions of this <br />Section 6.09 are adopted to these ends. <br />In the event that the Trustee shall appointan additional individual or institution as a <br />separate orco-trustee, each and every remedy, power, right, claim, demand, cause of action, <br />immunity, estate, title, interest and lien expressed or intended by this Indenture to be exercised <br />by or vested in or conveyed to the Trustee with respect thereto shall be exercisable by and vest <br />in such separate or co-trustee but only to the extent necessary to enable such separate or co- <br />trustee to exercise such powers, rights and remedies, and every covenant and obligation <br />necessary to the exercise thereof by such separate or co-trustee shall run to and be enforceable <br />by either of them; provided, however, in no event shall the Trustee be responsible or liable for <br />the acts or omissions of any co-trustee. <br />Should any instrument in writing from the Successor Agencybe required by the separate <br />trustee or co-trustee so appointed by the Trusteefor more fully and certainly vesting in and <br />confirming to it such properties, rights, powers, trusts, duties and obligations, any and all such <br />instruments in writing shall, on request, be executed, acknowledged and delivered by the <br />Successor Agency. In case any separate trustee or co-trustee, or a successor to either, shall <br />become incapable of acting, resign or be removed, all the estates, properties, rights, powers, <br />trusts, duties and obligations of such separate trustee or co-trustee, so far as permitted by law, <br />shall vest in and be exercised by the Trustee until the appointment of a new trustee or <br />successor to such separate trustee or co-trustee. <br />Section 6.10. Other Transactions with Successor Agency. The Trustee, either as <br />principal or agent, may engaged in or be interested in any financial or other transaction with the <br />Successor Agency.
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