Ordinance No. 19551 - Laserfiche WebLink

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be withheld unreasonably. Nevertheless in case of such vacancy the City by resolution of its governing body may appoint a temporary Trustee to fill such vacancy until a successor Trustee shall be appointed by the Bondowners in the manner above provided; and any such temporary Trustee so appointed by the City shall immediately and without further act be superseded by the Trustee sv appointed by the Bondowners. Every such Trustee appointed pursuant to the provisions of this subsection shall be a trust company or bank having a reported capital and surplus not less than $15,000,OQO, if there be such an institution willing, qualified and able to accept the trust upon reasonable or customary terms. 7.10. Concernin an Successor Trustees. Every successor Trustee appointed hereunder shall execute, acknowledge or deliver tv its predecessor and to the City, an instrument in writing accepting such appointment hereunder, and thereupon such successor without any .further act, deed or conveyance, shall become fully vested with all the trust estate and the rights, powers, trusts, duties and obligations of its predecessors as Trustee; but such predecessor shall, nevertheless on the written request of the City, or of its successor Trustee, execute and deliver an instrument transferring to such successor Trustee all the trust estate and the rights, powers and trusts of such predecessor hereunder, and every predecessor Trustee shall deliver all securities and moneys held by it as Trustee hereunder to its successor. Should any instrument in writing from the City be required by`any.such successor Trustee for more fully and certainly vesting in such successor the trust estate and the rights, powers and duties hereby vested ar intended to be vested in the predecessor Trustee, any and all such instruments in writing shall, on request, be executed, acknowledged and delivered by the City. 7,11. Trustee Protected in Rel in u on Execution of Documents. This Ordinance may be accepted by the Trustee as conclusive evidence of the facts and conclusions stated therein and shall be full warrant, protection and authority to the Trustee for the release ar property and the withdrawal of cash hereunder. 7.1~. Successor Trustee while Series 1988 Bands outstanding. So long as the Series 1988 Bonds are outstanding, any successor Trustee appointed pursuant to the provisions of this section shall ~a} be subject to the prior written approval of BIG, fib} be a trust company or bank in good standing, located in or incorporated under the laws of oregon, duly authorized to exercise trust powers and subject to examination by federal or state authority, ~c} have a reported capital and surplus of not less than $5Q,4QO,Q44 and ~d} have, in the opinion of BIG, substantial prior experience as a trustee for the benefit of municipal bondholders. BIG shall be notified immediately of the Page 49 - ordinance