2004-54 AUTHORIZING AND APPROVING THE REFUNDING OF OUTSTANDING SERIES 1993 BONDS

Home Browse Search

restrictions contained in the Opinion of Bond Counsel delivered pursuant to subparagraph (d) above. Section 403. Under no circumstances shall the Series 1993 Trustee have a lien nor assert a lien on the Securities Trust Fund for its charges, fees and expenses and under no circumstances shall the Series 1993 Trustee make any claim against the Securities Trust Fund for such charges, fees or expenses. Reasonable fees of the Series 1993 Trustee for services rendered in administering the Securities Trust Fund established hereunder shall be paid by the Corporation. Section 404. The Series 1993 Trustee and the City agree that the registered owners of the outstanding Refunded Series 1993 Bonds have a beneficial and vested interest in the Securities Trust Fund as herein provided. It is therefore recited, understood and agreed that this First Supplemental Indenture shall not be subject to revocation or amendment until its provisions have I been fully carried out; provided that this First Supplemental Indenture may be amended (i) in �' connection with the taking of any Subsequent Action pursuant to Section 402 of this First I, Supplemental Indenture and (ii) to the extent permitted by subparagraph (a) and subparagraphs ' (c)through and including(h) of Section 901 of the Series 1993 Indenture. Section 405. In alI respects not inconsistent with the terms and provisions of this First Supplemental Indenture, the Series 1993 Indenture is hereby ratified, approved and confirmed. In executing and delivering this First Supplemental Indenture, the City and the Series 1993 Trustee shall be entitled to all of the privileges and immunities afforded to the Series 1993 Trustee and the City under the terms and provisions of the Series 1993 Indenture. From and after the establishment of the Securities Trust Fund, the Refunded Series 1993 Bonds shall not be redeemable pursuant to subparagraph(c) of Section 501 of the Series 1993 Indenture. Section 406. This First Supplemental Indenture shall be governed exclusively by the applicable laws of the State of Illinois. Section 407. No recourse shall be had for the payment of the principal of or interest on any of the Refunded Series 1993 Bonds or for any claim based thereon or upon any obligation, covenant or agreement in this First Supplemental Indenture contained against any past, present or future officer or member of the City, or of any successor entity, as such, either directly or through the City ar any successor entity, under any rule of law or equity, statute or constitution or by the enforcement of any assessment or penalty or otherwise, and all such liability of any such officers or members as such is hereby expressly waived and released as a condition of and consideration for the execution of this First Supplemental Indenture. Section 408. This First Supplemental Indenture shall terminate when all payments required to be made by the Series 1993 Trustee with respect to the outstanding Refunded Series 1993 Bonds under the provisions hereof shall have been made. All moneys, if any,remaining on deposit in the Securities Trust Fund at the time of the termination of this First Supplemental Indenture shall be transferred by the Series 1993 Trustee to the Series 2004 Trustee for deposit in the Series 2004 Interest Fund and be applied to pay interest on the Series 2004 Bonds. -8-