Ordinance No. 19551 - Laserfiche WebLink

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7.2.1D. Notwithstanding anything elsewhere in this ordinance contained, the Trustee shall have the right, but shall not be required, to demand, in respect to the authentication of any Bands, the withdrawal of any cash, or any action whatsoever within the purview of this Ordinance, any showings, certificates, opinions including without limitation, opinions of Counsel}, or other information, or corporate action or evidence thereof, in addition to that by the. terms hereof required as a condition of such action by the Trustee deemed desirable for the purpose of establishing the right of the City to the withdrawal of any cash, or the taking of any other action by the Trustee. 7.2.11. Before taking any action hereunder regarding an Event of Default, the Trustee may require that it be furnished an indemnity satisfactory to it for the reimbursement of all expenses to which it may be put and to protect it against all liability except liability which results from the negligent action of Trustee, its negligent failure to act or its willful misconduct. 7.3, Fees, Char es and Ex enses of the Trustee, The Trustee and any Paying Agent shall be entitled to payment or reimbursement far reasonable fees for services rendered hereunder in accordance with its schedule of charges in effect at the time of its billing, and all advances, counsel fees and other expenses reasonably and necessarily made or incurred by them in and about the execution of the trusts created by this Ordinance and in and about the exercise and performance of the powers and duties of the Trustee and Paying Agent hereunder and for the reasonable and necessary costs and expenses incurred in defending any liability in the premises of any character whatsoever sunless such liability is adjudicated to,have resulted from the negligent action of Trustee, its negligent failure to act or its willful misconduct}. Upon an Event of Default, but only upon an Event of Default, the Trustee shall have a first lien on the Revenues and money in the Bond Fund, with right of payment prior to payment of any Bond, for such fees, advances, counsel fees on trial or an appeal, casts and expenses incurred by it. 7,4, Notice to Bondowners if Default Occurs. The Trustee shall give to Bondowners notice of all Events of Default known to the Trustee, within thirty ~3~} days after the occurrence of an Event of Default unless such Event of Default shall have been cured before the giving of such notice; provided that, except in the case of a default in the payment of the principal af, premium, if any, or interest on any of the Bonds, the Trustee shall be protected in withholding such notice if and so long as the Trustee in good faith determines that the withholding of such notice is in the interest of the Bondowners. So long as the Series 1988 Bonds are Outstanding, the Trustee shall give notice to BIG of any Event of Default immediately, Page 47 - Ordinance