Res 1986-118 - Laserfiche WebLink

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Bond number on the Bond registered with a notation in the Register that said Bond has been mutilated, destroyed, lost or stolen and a new Bond shaH be issued of the same series and of like tenor and principal amount bearing a number (according to the Register) not contemporaneously outstanding. (e) The Bank may charge the Owner the Bank's fees and expenses in connection with issuing a new Bond in lieu of or exchange for a mutilated, destroyed, lost or stolen Bond. (f) The Issuer hereby accepts the Bank's current blanket Bond for lost, stolen, or destroyed Bonds and any future substitute blanket Bond for lost, stolen, or destroyed Bonds that the Bank may arrange, and agrees that the coverage under any such blanket Bond is acceptable to it and meets the Issuer's requirements as to security or indemnity. The Bank need not notify the Issuer of any changes in the security or other company giving such Bond or the terms of any such Bond, provided that the amount of such Bond is not reduced below the amount of the Bond on the date of execution of this Agreement. The blanket Bond then utilized by the Bank for lost, stolen or destroyed Bonds by the Bank is available for inspection by the Issuer on request. Section 4.07. Transaction Information to Issuer. The Bank will, within a reasonable time after receipt of written request from the Issuer, furnish the Issuer information as to the Bonds it has paid pursuant to 3.01, Bonds it has delivered upon the transfer or exchange of any Bonds pursuant to Section 4.01 and Bonds it has delivered in exchange for or in lieu of mutilated, destroyed, lost or stolen Bonds pursuant to Section 4.06. ARTICLE FIVE THE BANK Section 5.01. Duties of Bank. The Bank undertakes to perform the duties set forth herein and in accordance with the Bond Resolution and agrees to use reasonable care in the performance thereof. The Bank hereby agrees to use the funds deposited with it for payment of the principal of, premium, if any, and interest on the Bonds to pay the Bonds as the same shall be come due and further agrees to establish and maintain aH accounts and funds as may be required for the Bank to function as Paying Agent. Section 5.02. Reliance on Documents. Etc. (a) The Bank may conclusively rely, as to the truth of the statements and correctness of the opinions expressed therein, on Bonds or opinions furnished to the Bank. (b) The Bank shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shaH be proved that the Bank was negligent in ascertaining the pertinent facts. -6-