Ordinance No. 19551 - Laserfiche WebLink

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SECTION 7. THE TRUSTEE 7.1, Appointment. First Interstate Bank of Oregon, N.A. is hereby appoi~~nted Trustee. 7.2. Acce tance of the Trustee. The Trustee shall, prior to the occurrence of an Event of Default and after the curing of all Events of Default which may have occurred, undertake to perform such duties and only such duties as are specifically set forth in this Ordinance and no implied covenants or obligations shall be read into this Ordinance against the Trustee. The Trustee shall accept the trusts hereby imposed upon it, only upon the subject to the following terms and conditions. 7.2.1. Except in case an Event of Default hereunder has occurred and has not been cured, the Trustee agrees to perform such trusts as an ordinarily prudent trustee. During the continuance of an Event of Default, the Trustee shall be accountable for its actions hereunder only as an ordinary person. 7,2,2. The Trustee may execute any of the trusts or powers hereof and perform any of its duties by ar through attorneys, agents, receivers, or employees but shall be answerable for the conduct of the same in accordance with the standard specified above, and shall be entitled to advice of counsel concerning all matters arising hereunder, and may in all cases pay such reasonable compensation to any attorney, agent, receiver or employee retained ar employed by it in connection herewith, The Trustee may act upon the opinion or advice of any attorney, surveyor, engineer or accountant selected*by it in the exercise of reasonable care or, ~f selected or retained by the City, approved by the Trustee in the exercise of such care. The Trustee shall not be responsible for any loss or damage resulting from any action or nonaction based on its good faith reliance upon such opinion or advice. 7.2.3. The Trustee shall not be responsible far any recital herein, or in the Bonds except with respect to the authentication of any Bonds, or for the investment of moneys except as specifically provided in this Ordinances or for the validity of the execution by the City of this Ordinance or of any supplemental ordinances or instruments of further assurance, or for the sufficiency of the security far the Bonds issued hereunder or intended to be secured hereby. The Trustee may abut shall be under na duty toy require of the City full information and advice~as to the performance of the covenants, conditions and agreements in this ordinance but without any obligation to advise the City or Bondowners of any impending default known to the Trustee. 7.2.4. The Trustee shall not be accountable for the use or application by the City of any of the Bonds or the Page 45 - ordinance