Ordinance No. 19551 - Laserfiche WebLink

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7.5. Intervention b Trustee, In any judicial proceeding to which the City is a party, and which in the opinion of the Trustee and its counsel has a substantial bearing an the interests of owners of Bonds, the Trustee may intervene on behalf of Bondowners and shall do so if requested in writing by the owners of at least twenty-five percent ~25~} of the aggregate principal amount of Bvn~ds Outstanding hereunder. The rights and obligations of the Trustee under this subsection are subject to the approval of a court of competent jurisdiction in the premises. 7.6. Successor Trustee. Any company, association or agency into which the Trustee may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer its trust business and assets as a whole or substantially as a whole, or any company or association resulting from any such conversion, sale, merger, consolidation or transfer to which it is a party, shall be and become successor Trustee hereunder and vested with all of the title to the trust estate, and all the trusts, discretions, immunities, privileges and all other matters as was its predecessor, without the execution or filing of any instrument or any further act, deed or conveyance on the part of any of the parties hereto, anything herein to the contrary notwithstanding. 7.7. successor Trustee successor Trustee created by giving and by first clas shall take effect the Bondowners or served personally Resi nation b th ,,,,_,__~ _ _e Trustee. Provided a is reasonably availabl~e,~the Trustee and any may at any time resign from the trusts hereby thirty X30} days' written notice to the City s mail to each Bondowner, and such resignation upon the appointment of a successor Trustee by by the City. Such notice to the City may be or sent by certified mail. 7.8. Removal of Trustee. The Trustee may be removed at any time by the City, or by an instrument or concurrent instruments in writing delivered to the Trustee and to the City, signed by the owners of a majority in aggregate principal amount of Bonds then Outstanding. 7.9, A ointment of the Successor Trustee b the Bondowners; Temporary Trustee. In case the Trustee hereunder shall resign or be removed, or be dissolved or shall be in course of dissolution or liquidation, or otherwise become incapable of acting hereunder, ar in case it shall be taken under the control of any public officer ar officers, or of a receiver appointed by a court, a successor may be appointed by the City, or by the owners of a majority in aggregate principal amount of Bands then Outstanding, by an instrument or concurrent instruments in writing signed by such owners or by their attorneys-in-fact, duly authorized; provided that no such appointment shall be effective without the written consent of the City, which consent shall not Page 48 - Ordinance