RES 94045A - Laserfiche WebLink

Agreement; each Verification and defeasance opinion shall be addressed to [he Authority and the Trustee. Notwithstanding that some Bonds may not have been surcendered for payment, all obligations of the Authority and, [he Trustee under the Trust Agreement with respect to all defeased Bonds shall cease and terminate, except only the obligation of the Trustee to pay or cause to be paid to the Owners of [he Bonds all sums due thereon and the obligation of the City to indemnify and pay the Trustee in accordance with Sections 7.02, and 7.03 and ] 0.01 hereof. Any funds held by the Trustee, at the time of one of the events described above in subsections (a), (b), (c) or (d), which are not requred for the payment to be made to Owners, or for payments to be made [o the Trustee by [he City or the Authority, shall be paid over to the Authority pursuant to written instruction from an Authorized Officer of the Authority and delivery of a certificate of a certified public accountant that such funds are not required to be paid to the Owners. Section 9.02. Unclaimed Moneys. Anything contained herein to the contrary notwithstanding, any money held by the Trustee in trust for the payment and discharge of the interest or principal of the Bonds which remains unclaimed for two (2) years after the date when the payments evidenced and represented by such Bonds have become payable, if such money was held by the Trustee at such date, or for two (2) years after the date of deposit of such money if deposited with the Trustee after the date when the interest and principal evidenced and represented by such Bonds have become payable, the Trustee shall pay such amoutits to the Authority as its absolute property free from trust, and the Trustee shall thereupon 6e released and dischazged with respect thereto and the Owners shall look only to the Authority for interest and principal represented by such Bonds; provided, however, that before being required to make any such payment [o the Authority, the Tnrstee may, at the expense of the Authority, cause to be published once a week for two (2) successive weeks in a financial newspaper a notice that such money remains unclaimed and that after a date named in such notice, which date shall not be less than thirty (30) days after the date of the first publication of such notice, the balance of such money then unclaimed will be re[umed to the Authority. ARTICLE XI MISCELLANEOUS Section 11.01. Benefits of Trust Agreement Limited to Parties. Nothing contained herein, expressed or implied, is intended to give to any person other than the Authority, the Trustee and the Owners any claim, remedy or right under or pursuant hereto, and any agreement, condition, covenant or term contained herein required to be observed or performed by or on behalf of [he Authority shall be for the sole and exclusive benefit of the Trustee and the Owners. Section 11.02. Successor Deemed Included in all References to Predecessor. Whenever either the Authority, the Trustee or any officer thereof is named or refereed to herein, such reference shall be deemed [o include the successor to [he powers, duties and functions that are presently vested in the Authority, [he Trustee or such officer, and all agreements, conditions, covenants and terms required hereby to be observed or performed by or on behalf of the Authority, 31 91a6]aILWI