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HomeMy WebLinkAbout1503 SECTION V: That in the event the Issuer shall fail to make or cause to be made pos ts of sufficient amounts into the Sinking Fund Account as herein required, and as a result thereof default occurs in the pa~yment of any bond and its accrued interest of this bo~d issue when due a~d presented for payment, then the holders of 50~ of the principal amount of the outstanding bonds of this bond issue shall have the right to declare all outstanding bonds of this bond issue.due and payable a~d to enforce the immediate payment thereof in any lawful manner. If a~y bond or bonds of this bond issue, when matured or declared due and payable as hereinabove provided, are placed in the hands of ar~y attorney~for collection, or if suit is filed thereon, the Issuer agrees to reimburse the owner or owners of such bond or bonds for any reasonable attorney's fee which said owner or owners may have incurred by reason thereof. . SECTION YI: That the SUN BANK OF ST. LUCIE COUNTY, Fort Pierce, Florida, is here- y name , appointed and designated the Paying Agent for this bond issue. Said Pa~ying Agent shall be furnished an executed copy of this resolution, including copies of Exhibits "A", "B", and "C" attached thereto. The Issuer shali create and establish in the name of the credit all deposits made by the Treasurer or duly authorized Assistant Treasurer of the Issuer in accordance with SECTION IV hereof, and fran which Account the Paying Agent shall pay all principal and interest on the bonds of this bond issue as the same shall become due and are presented for payment. Except as may be hereinafter provided to the contrary, the Paying Agent~shall not pay out of such Account or allow the withdrawal therefrom any sum ar sums of money except for the payment of the principal and interest on the bonds of this bond issue until all of said bonds together with accrued interest sfiall have been paid. The Paying Agent shall cancel and return to the Issuer the bonds and interest coupons as the same are paid out of the aforementioned account. When all of the bonds and accrued interest of this bond issue have been paid or when the Statute of Limitations applicable in this State to such obligations shall have run on any unpaid bonds and accrued interest of this bond issue, the Paying Agent shall thereupon execute in recordable form a declaration of such facts and shall deliver the same to the Issuer. The Paying Agent shall not be required to give any bond or security in respect to the performance of its duties and obligations hereunder. The Paying Agent may, at any time, resign from the duties and obligations imposed , upon it hereunder by giving thfirty (30) days notice in writing to the Issuer. Such resignation shall take effect at the end of such thirty (30) days or upon the earlier appointment of a successor Paying Agent. Every successor Paying Agent appointed . hereunder shall execute, acknowledge and deliver to its predecessor and to the Issuer an instrument in writing accepting such appointment hereunder and shall thereupon become fully vested with and responsible for all of the duties and obligations as Paying Agent hereunder. The Paying Agent agrees, however, that if, after its resignation ; hereunder, any bonds or interest coupons of this.bond issue are presented to it for ' payment that it will forward the same to the successor Paying Agent or return such f bonds and interest coupons to the person or persons presenting the same with a letter ~ advising the name and address of the successor Paying Agent. I ; The sole function of the Paying Agent shall be to act as an agent for the Issuer for ~ making payment of principal and interest as the bonds and coupons mature, with the funds on deposit in the Sinking Fund Account herein provided for. ~ ~ The said Paying Agent shall have no trust responsibilities, and in the absence of ~ fraud or its own negligence, shall in nowise be responsible for any losses, costs, ~ damages, or inconveniences that may result from the exercise of its duties as Paying ~ Agent, and the Issuer does hereby agree to hold said bank harmless from all liabilities ~ which said bank may incur as the Paying Agent except for those ~iabilities which said ~ bank may incur by reason of fraud, its own negligence or wilful misconduct. ~ SECTION VII: That, in the event a successor Paying Agent is appointed by the Issuer z ere der in accordance with the provisions of SECTION VI hereof, the Issuer shall f give notice of the name and address of such successor Paying Aqent to the holders of the bonds of this bond issue in the same manner as that provided for the giving ~ of notice of an early redemption of bonds of this bond issue in SECTION IX hereof. ~ } ~ ~ ~ ~ ~ ~ ~ ~ - BOOK243 P~~E1503 - ~ - -2- - ~ . , _ - ` . . , b e - - - - -