RES 94045A - Laserfiche WebLink

aforesaid, is erconeous, or in the exercise of reasonable care should have known that the same was erroneous. Section 1 L07. Notice by Mail. Any notice required to be given hereunder by mail to any Owners of Bonds shall be given by mailing a copy of such notire, first class postage redeemed, to the Owners of such Bonds at their addresses appearing in the bcoks required to be kept by the Trustee pursuant to the provisions of Section 2.07 not less than thirty (30) days nor more than sixty (60) days following the action or prior to the event concerning which notice thereof is required to be given unless this Trust Agreement expressly provides a different provision; provided, that receipt of any such notice shall not be a condition precedent to the effect of such notice and failure [o receive any such notice shall not affect the validity of the proceedings taken in connection with [he action or the event concerning which such notice was given. Section 11.08. Funds. Any fund or account required to be established and maintained herein by the Trustee may be established and maintained in the accounting records of the Trustee either as an account or a fund, and may, for the purposes of such accounting records, any audits thereof and any reports or statements with respect thereto, be treated either as an account or a fund; but all such records with respect to all such funds shall at all times be maintained in accordance with sound accounting practice and with due regard for the protection of the security of the Bonds and the rights of the owners. Section l l 09. Investments. (a) Amounts on deposit in any fund or account created pursuant to the Installment Purchase Contracts or this Trust Agreement shall be invested in Permitted Investments which will, as nearly as practicable, mature on or before the dates when such money is anticipated to be needed for disbursement hereunder, in accordance with such written directions as the Authority may from time to time provide to the Trustee. [nvestment directions shall be received at least two (2) Business Days prior to the date of making the investment. If no such direction has been received by the Trustee in sufficient time, in [he judgment of the Trustee to comply with such instructions the Trustee may invest such amounts in Permitted Investments of the type described in paragraph (~ of the definition thereof. The Trustee may act as principal or agent in the acquisition or disposition of any such investment. The Trustee shall not be liable or responsible for any loss suffered in connection with any such investment made by it under the terms of and in accordance with this Section 11.09. The Trustee may sell or present for redemption any obligations so purchased whenever it shall be necessary in order [o provide moneys to meet any payment of the funds so invested, and the Trustee shall not be liable or responsible for any losses resulting from any such investment sold or presented for redemption. Interest or profit received on such investments shall be deposited to the Reserve Fund to the extent the amount on deposit therein is less than the Reserve Requirement, and thereafter to the Payment Fund. (b) In computing the amount in any fund or account, permitted investments shall be valued at market value, exclusive of accrued interest. Valuation shall occur (i) no less often than annually or more frequently than monthly, and (ii) upon any draw on the Reserve Fund. If amounts on deposit in the Reserve Fund shall, at any time, be less than the applicable Reserve Requirement such deficiency shall be immediately made up by the City from Net Revenues and such Reserve Fund shall be valued monthly until amounts on deposit therein equal [he Reserve Requirement. 33 vass~o¢.u~