Covenants of Trustee. The Trustee covenants and agrees with the Board as follows: 3.01. The Trustee will reinvest all available uninvested balances (rounded to an even $1) in the Escrow Account on deposit from time to time, whenever said balances exceed $1,000. Such investments shall be made in SLGS at an interest rate of 0%. In addition, the Trustee may reinvest such uninvested balances in direct noncallable obligations of or direct, noncallable, nonprepayable obligations guaranteed by the full faith and credit of the United States of America only in the event it first receives an opinion of nationally recognized bond counsel stating that such reinvestment will not cause the interest on the Certificates to be includable in gross income of the owners thereof for federal income tax purposes. All such reinvestments shall be scheduled to mature on or prior to the next succeeding interest payment date on the Prior Certificates on which such proceeds will be needed to pay the principal of or interest on the Prior Certificates. The Trustee shall hold the Government Obligations and all interest, income and profit derived therefrom and all uninvested cash in a segregated and separate trust fund account for the sole and exclusive benefit of the holders and registered owners of the Prior Certificates. 3.02. The Trustee shall hold all balances not invested or reinvested as hereinabove described and on deposit in the Escrow Account on demand and in trust for the purposes hereof. 3.03. The Trustee shall take no action in the investment or securing of the proceeds of the Government Obligations which would cause the Prior Certificates or the 2014C Certificates to be classified as “arbitrage bonds” under applicable sections of the Internal Revenue Code of 1986 and all lawful regulations promulgated thereunder; provided that it shall be under no duty to affirmatively inquire whether the Government Obligations as initially or subsequently deposited are properly invested under said sections and regulations; and provided, further, that it may rely conclusively on all specific directions in this Agreement in the investment or reinvestment of balances held hereunder. 3.04. The Trustee shall promptly collect the principal of, interest on and income and profit from the Government Obligations and promptly apply the same solely and only to pay when due all Payment Requirements. 3.05. The Trustee shall remit to the paying agent for the Prior Certificates as herein provided and for the benefit of the Prior Certificates, in good funds on or before each interest payment date, each maturity date of the ETM Certificates and the Redemption Date, moneys sufficient to pay the Payment Requirements then due, and each such remittance shall fully release and discharge the Trustee from any further duty or obligation thereto under this Agreement. 3.06. The Trustee shall make no payment of fees, due or to become due, to the Trustee from the Escrow Account, and the Board covenants to pay the same as they become due as an expense of the Board. 3.07. The costs and expenses of the Trustee shall be paid by the Board from available funds of the Board. The Trustee shall have no lien or right of setoff of any kind on the Escrow Account and shall look solely to the Board and its other funds for payment. The Trustee shall charge such fees for its services as are reasonable and usual for like services rendered by similar institutions. 3.08. The Trustee has all the powers and duties herein set forth with no liability in connection with any act or omission to act hereunder, except for its own gross negligence or willful misconduct, and shall be under no obligation to institute any suit or action or other proceeding under this Agreement or to enter any appearance in any suit, action or proceeding in which it may be defendant or to take any steps in the enforcement of its, or any, rights and powers hereunder, nor shall be deemed to have failed to take any such action, unless and until it shall have been indemnified by the Board to its reasonable satisfaction against any and all costs and expenses, outlays, counsel fees and other disbursements, including its own reasonable fees, and if any judgment, decree or recovery be obtained by the Trustee, payment of all sums due it, as aforesaid, shall be a first charge against the amount of any such judgment, decree or recovery. 3.09. The Trustee may in good faith buy, sell or hold and deal in any of the 2014C Certificates or the Prior Certificates. 3.10. The Trustee shall submit to the Comptroller of the Board a statement itemizing all moneys received by it and all payments made by it under the provisions of this Agreement.
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Covenants of Trustee. The Trustee covenants and agrees with the Board as follows:
3.01. The Trustee will reinvest all available uninvested balances (rounded to an even $1) in the Escrow Account on deposit from time to time, whenever said balances exceed $1,000. Such investments shall be made in SLGS at an interest rate of 0%. In addition, the Trustee may reinvest such uninvested balances in direct noncallable obligations of or direct, noncallable, nonprepayable obligations guaranteed by the full faith and credit of the United States of America only in the event it first receives an opinion of nationally recognized bond counsel stating that such reinvestment will not cause the interest on the Certificates to be includable in gross income of the owners thereof for federal income tax purposesGovernment Obligations. All such reinvestments shall be scheduled to mature on or prior to the next succeeding interest payment date on the Prior Certificates on which such proceeds will be needed to pay the principal of or interest on the Prior Certificates. The Trustee shall hold the Government Obligations and all interest, income and profit derived therefrom and all uninvested cash in a segregated and separate trust fund account for the sole and exclusive benefit of the holders and registered owners of the Prior Certificates.
3.02. The Trustee shall hold all balances not invested or reinvested as hereinabove described and on deposit in the Escrow Account on demand and in trust for the purposes hereof.
3.03. The Trustee shall take no action in the investment or securing of the proceeds of the Government Obligations which would cause the Prior Certificates or the 2014C Certificates to be classified as “arbitrage bonds” under applicable sections of the Internal Revenue Code of 1986 and all lawful regulations promulgated thereunder; provided that it shall be under no duty to affirmatively inquire whether the Government Obligations as initially or subsequently deposited are properly invested under said sections and regulations; and provided, further, that it may rely conclusively on all specific directions in this Agreement in the investment or reinvestment of balances held hereunder.
3.04. The Trustee shall promptly collect the principal of, interest on and income and profit from the Government Obligations and promptly apply the same solely and only to pay when due all Payment Requirements.
3.05. The Trustee shall remit to the paying agent for the Prior Certificates as herein provided and for the benefit of the Prior Certificates, in good funds on or before each interest payment dateFebruary 15, each maturity date of the ETM Certificates and the Redemption Date2015, moneys sufficient to pay the Payment Requirements then due, and each such remittance shall fully release and discharge the Trustee from any further duty or obligation thereto under this Agreement.
3.06. The Trustee shall make no payment of fees, due or to become due, to the Trustee from the Escrow Account, and the Board covenants to pay the same as they become due as an expense of the Board.
3.07. The costs and expenses of the Trustee shall be paid by the Board from available funds of the Board. The Trustee shall have no lien or right of setoff of any kind on the Escrow Account and shall look solely to the Board and its other funds for payment. The Trustee shall charge such fees for its services as are reasonable and usual for like services rendered by similar institutions.
3.08. The Trustee has all the powers and duties herein set forth with no liability in connection with any act or omission to act hereunder, except for its own gross negligence or willful misconduct, and shall be under no obligation to institute any suit or action or other proceeding under this Agreement or to enter any appearance in any suit, action or proceeding in which it may be defendant or to take any steps in the enforcement of its, or any, rights and powers hereunder, nor shall be deemed to have failed to take any such action, unless and until it shall have been indemnified by the Board to its reasonable satisfaction against any and all costs and expenses, outlays, counsel fees and other disbursements, including its own reasonable fees, and if any judgment, decree or recovery be obtained by the Trustee, payment of all sums due it, as aforesaid, shall be a first charge against the amount of any such judgment, decree or recovery.
3.09. The Trustee may in good faith buy, sell or hold and deal in any of the 2014C 2014B Certificates or the Prior Certificates.
3.10. The Trustee shall submit to the Comptroller of the Board a statement itemizing all moneys received by it and all payments made by it under the provisions of this Agreement.
Appears in 1 contract
Covenants of Trustee. The Trustee covenants and agrees with the Board as follows:
3.01. The Trustee will reinvest all available uninvested balances (rounded to an even $1) in the Escrow Account on deposit from time to time, whenever said balances exceed $1,000. Such investments shall be made in SLGS at an interest rate of 0%. In addition, the Trustee may reinvest such uninvested balances in direct noncallable obligations of or direct, noncallable, nonprepayable obligations guaranteed by the full faith and credit of the United States of America only in the event it first receives an opinion of nationally recognized bond counsel stating that such reinvestment will not cause the interest on the Certificates to be includable in gross income of the owners thereof for federal income tax purposes. All such reinvestments shall be scheduled to mature on or prior to the next succeeding interest payment date on the Prior Certificates on which such proceeds will be needed to pay the principal of or interest on the Prior Certificates. The Trustee shall hold the Government Obligations and all interest, income and profit derived therefrom and all uninvested cash in a segregated and separate trust fund account for the sole and exclusive benefit of the holders and registered owners of the Prior Certificates.
3.02. The Trustee shall hold all balances not invested or reinvested as hereinabove described and on deposit in the Escrow Account on demand and in trust for the purposes hereof.
3.03. The Trustee shall take no action in the investment or securing of the proceeds of the Government Obligations which would cause the Prior Certificates or the 2014C Certificates to be classified as “arbitrage bonds” under applicable sections of the Internal Revenue Code of 1986 and all lawful regulations promulgated thereunder; provided that it shall be under no duty to affirmatively inquire whether the Government Obligations as initially or subsequently deposited are properly invested under said sections and regulations; and provided, further, that it may rely conclusively on all specific directions in this Agreement in the investment or reinvestment of balances held hereunder.
3.04. The Trustee shall promptly collect the principal of, interest on and income and profit from the Government Obligations and promptly apply the same solely and only to pay when due all Payment Requirements.
3.05. The Trustee shall remit to the paying agent for the Prior Certificates as herein provided and for the benefit of the Prior Certificates, in good funds on or before each interest payment date, each maturity date of the ETM Certificates and the Redemption Date, moneys sufficient to pay the Payment Requirements then due, and each such remittance shall fully release and discharge the Trustee from any further duty or obligation thereto under this Agreement.
3.06. The Trustee shall make no payment of fees, due or to become due, to the Trustee from the Escrow Account, and the Board covenants to pay the same as they become due as an expense of the Board.
3.07. The costs and expenses of the Trustee shall be paid by the Board from available funds of the Board. The Trustee shall have no lien or right of setoff of any kind on the Escrow Account and shall look solely to the Board and its other funds for payment. The Trustee shall charge such fees for its services as are reasonable and usual for like services rendered by similar institutions.
3.08. The Trustee has all the powers and duties herein set forth with no liability in connection with any act or omission to act hereunder, except for its own gross negligence or willful misconduct, and shall be under no obligation to institute any suit or action or other proceeding under this Agreement or to enter any appearance in any suit, action or proceeding in which it may be defendant or to take any steps in the enforcement of its, or any, rights and powers hereunder, nor shall be deemed to have failed to take any such action, unless and until it shall have been indemnified by the Board to its reasonable satisfaction against any and all costs and expenses, outlays, counsel fees and other disbursements, including its own reasonable fees, and if any judgment, decree or recovery be obtained by the Trustee, payment of all sums due it, as aforesaid, shall be a first charge against the amount of any such judgment, decree or recovery.
3.09. The Trustee may in good faith buy, sell or hold and deal in any of the 2014C 2014A Certificates or the Prior Certificates.
3.10. The Trustee shall submit to the Comptroller of the Board a statement itemizing all moneys received by it and all payments made by it under the provisions of this Agreement.
Appears in 1 contract
Covenants of Trustee. The Trustee covenants and agrees with the Board as follows:
3.01. The Trustee will reinvest all available uninvested balances (rounded to an even $1) in the Escrow Account on deposit from time to time, whenever said balances exceed $1,000. Such investments shall be made in SLGS at an interest rate of 0%. In addition, the Trustee may reinvest such uninvested balances in direct noncallable obligations of or direct, noncallable, nonprepayable obligations guaranteed by the full faith and credit of the United States of America only in the event it first receives an opinion of nationally recognized bond counsel stating that such reinvestment will not cause the interest on the Certificates to be includable in gross income of the owners thereof for federal income tax purposes. All such reinvestments shall be scheduled to mature on or prior to the next succeeding interest payment date on the Prior Certificates on which such proceeds will be needed to pay the principal of or interest on the Prior Certificates. The Trustee shall hold the Government Obligations and all interest, income and profit derived therefrom and all uninvested cash in a segregated and separate trust fund account for the sole and exclusive benefit of the holders and registered owners of the Prior Certificates.
3.02. The Trustee shall hold all balances not invested or reinvested as hereinabove described and on deposit in the Escrow Account on demand and in trust for the purposes hereof.
3.03. The Trustee shall take no action in the investment or securing of the proceeds of the Government Obligations which would cause the Prior Certificates or the 2014C Series 2014D Certificates to be classified as “arbitrage bonds” under applicable sections of the Internal Revenue Code of 1986 and all lawful regulations promulgated thereunder; provided that it shall be under no duty to affirmatively inquire whether the Government Obligations as initially or subsequently deposited are properly invested under said sections and regulations; and provided, further, that it may rely conclusively on all specific directions in this Agreement in the investment or reinvestment of balances held hereunder.
3.04. The Trustee shall promptly collect the principal of, interest on and income and profit from the Government Obligations and promptly apply the same solely and only to pay when due all Payment Requirements.
3.05. The Trustee shall remit to the paying agent for the Prior Certificates as herein provided and for the benefit of the Prior Certificates, in good funds on or before each interest payment date, each maturity date of the ETM Certificates and the Redemption Date, moneys sufficient to pay the Payment Requirements then due, and each such remittance shall fully release and discharge the Trustee from any further duty or obligation thereto under this Agreement.
3.06. The Trustee shall make no payment of fees, due or to become due, to the Trustee from the Escrow Account, and the Board covenants to pay the same as they become due as an expense of the Board.
3.07. The costs and expenses of the Trustee shall be paid by the Board from available funds of the Board. The Trustee shall have no lien or right of setoff of any kind on the Escrow Account and shall look solely to the Board and its other funds for payment. The Trustee shall charge such fees for its services as are reasonable and usual for like services rendered by similar institutions.
3.08. The Trustee has all the powers and duties herein set forth with no liability in connection with any act or omission to act hereunder, except for its own gross negligence or willful misconduct, and shall be under no obligation to institute any suit or action or other proceeding under this Agreement or to enter any appearance in any suit, action or proceeding in which it may be defendant or to take any steps in the enforcement of its, or any, rights and powers hereunder, nor shall be deemed to have failed to take any such action, unless and until it shall have been indemnified by the Board to its reasonable satisfaction against any and all costs and expenses, outlays, counsel fees and other disbursements, including its own reasonable fees, and if any judgment, decree or recovery be obtained by the Trustee, payment of all sums due it, as aforesaid, shall be a first charge against the amount of any such judgment, decree or recovery.
3.09. The Trustee may in good faith buy, sell or hold and deal in any of the 2014C 2014D Certificates or the Prior Certificates.
3.10. The Trustee shall submit to the Comptroller of the Board a statement itemizing all moneys received by it and all payments made by it under the provisions of this Agreement.
Appears in 1 contract
