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1995-102
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1995-102
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Last modified
3/28/2019 2:32:22 PM
Creation date
2/27/2019 11:29:48 AM
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Resolutions
Resolution Number
1995-102
Approved Date
09/12/1995
Resolution Type
Utilities
Entity Name
City of Sebastian
Subject
Water and Sewer System from Sebastian to County
Area
Interlocal Agreement
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obligations hereby created, by notice in writing given to the City <br />and the County and published once in a daily newspaper of general <br />circulation or a financial journal published in the Borough of <br />Manhattan, City and State of New York, not less than sixty (60) <br />days before such resignation shall take effect. Such resignation <br />shall take effect immediately upon the appointment of a new Escrow <br />Holder hereunder, if such new Escrow Holder shall be appointed <br />before the time limited by such notice and shall then accept the <br />duties and obligations thereof. <br />Section 9. Removal of Escrow Holder. <br />(a) The Escrow Holder may be removed at any time by an <br />instrument or concurrent instruments in writing, executed by the <br />holders of not less than fifty-one per centum (51%) in aggregate <br />principal amount of each issue of Defeased Bonds then outstanding, <br />such instruments to be filed with the City and the County, and <br />notice in writing given by such holders to the original purchaser <br />or purchasers of the Defeased Bonds not less than sixty (60) days <br />before such removal is to take effect as stated in such instrument <br />or instruments. A photographic copy of any instrument filed with <br />the City under the provisions of this paragraph shall be delivered <br />by the City to the Escrow Holder and the County. <br />(b) The Escrow Holder may also be removed at any time for any <br />breach of trust or for acting or proceeding in violation of, or for <br />failing to act or proceed in accordance with, any provisions of <br />this Agreement with respect to the duties and obligations of the <br />Escrow Holder, by the City, by the County or by the holders of not <br />less than twenty-five per centum (25%) in aggregate principal <br />amount of the Defeased Bonds then outstanding. <br />Section 10. Successor Escrow Holder. <br />(a) Any corporation into which the Escrow Holder, or any <br />successor to it in the trusts created by this Agreement, may be <br />merged or converted or with which it or any successor to it may be <br />consolidated, or any corporation resulting from any merger, <br />conversion, consolidation or reorganization to which the Escrow <br />Holder or any successor to it shall be a party shall, if satis- <br />factory to the City and the County, be the successor Escrow Holder <br />under this Agreement without the execution or filing of any paper <br />or any other act on the part of any of the parties hereto, anything <br />herein to the contrary notwithstanding. <br />(b) If at any time hereafter the Escrow Holder shall resign, <br />be removed, be dissolved or otherwise become incapable of acting, <br />or shall be taken over by any governmental official, agency, <br />department or board, the position of Escrow Holder shall thereupon <br />become vacant. If the position of Escrow Holder shall become <br />vacant for any of the foregoing reasons or for any other reason, <br />the City, with the consent of the County, shall appoint an Escrow <br />,9- <br />
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