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Res 2015-067/PARS approval
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Res 2015-067/PARS approval
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9/24/2015 2:01:26 PM
Creation date
6/22/2015 10:41:24 AM
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City Clerk
City Clerk - Document
Resolutions
City Clerk - Type
Adopting
Number
2015-67
Date
6/16/2016
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ARTICLE X <br />MISCELLANEOUS <br />10.1 Delegation. By written notice to the Trustee, the Plan Administrator or the Agency may <br />authorize the Trustee to act on matters in the ordinary course of the business of the Trust or on specific <br />matters upon the signature of its delegate. <br />10.2 Expenses and Taxes. <br />(a) The Agency, or at its option, the Trust, shall pay the Trustee its expenses in administering <br />the Trust and reasonable compensation for its services as Trustee at a rate to be agreed upon by the <br />parties to this Agreement, based upon Trustee's published fee schedule. However, the Trustee reserves <br />the right to alter this rate of compensation at any time by providing the Agency with notice of such <br />change at least thirty days prior to its effective date. Reasonable compensation shall include <br />compensation for any extraordinary services or computations required, such as determination of <br />valuation of assets when current market values are not published and interest on funds to cover <br />overdrafts. The Trustee shall have a lien on the Trust for compensation and for any reasonable expenses <br />including counsel, appraisal, or accounting fees, and these may be withdrawn from the Trust as and when <br />viewed and payable, or if Agency has elected to pay expenses of the Trust, may be withdrawn from the <br />Trust unless paid by the Agency within thirty days after mailing of the written billing by the Trustee. <br />(b) Reasonable counsel fees, reasonable costs, expenses, and charges of the Trustee incurred <br />or made in the performance of its duties, including but not limited to expenses relating to investment of <br />the Trust such as broker's commissions, stamp taxes, and similar items and all taxes of any and all kinds <br />that may be levied or assessed under existing or future laws upon or in respect to the Trust or the income <br />thereof shall be paid from the Trust Assets, unless paid by the Agency. <br />10.3 Third Parties. <br />(a) No person dealing with the Trustee shall be required to follow the application of purchase <br />money paid or money loaned to the Trustee or inquire as to whether the Trustee has complied with the <br />requirements hereof. <br />(b) In any judicial or administrative proceedings, only the Agency and the Trustee shall be <br />necessary parties and no Participant or other person having or claiming any interest in the Trust shall be <br />entitled to any notice or service of process (except as required by law). Any judgment, decision or award <br />entered in any such proceeding or action shall be conclusive upon all interested persons. <br />10.4 Successor Agency. If any successor to an Agency continues the Plan adopted by the Agency, <br />such successor shall concurrently become a successor first party to this Trust Agreement by giving <br />written notice of its adoption of the Plan and this Trust Agreement to the Trustee by duly authorized <br />persons; such successor Agency shall become a signatory to this Trust Agreement upon its written notice <br />to Trustee of the Successor's adoption hereof. <br />10.5 Relation to Plan. All words and phrases used herein shall have the same meanings as in the <br />Plan, and this Trust Agreement and the Plan shall be read and construed together. Whenever the Plan <br />provides that the Trustee shall act as therein prescribed, the Trustee shall be and is hereby authorized and <br />
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