Official Statement Airport Commission City and County of San ...
Official Statement Airport Commission City and County of San ...
Official Statement Airport Commission City and County of San ...
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The recitals, statements <strong>and</strong> representations contained in the 1991 Master Resolution or in any Bond<br />
are to be taken <strong>and</strong> construed as made by <strong>and</strong> on the part <strong>of</strong> the <strong>Commission</strong> <strong>and</strong> not by the Trustee, <strong>and</strong> the Trustee<br />
neither assumes nor has any responsibility for the correctness <strong>of</strong> the same other than the Trustee's certification <strong>of</strong><br />
authentication <strong>of</strong> any Bonds as to which it is authenticating agent.<br />
Except as otherwise provided in the 1991 Master Resolution, the Trustee is under no duty <strong>of</strong> inquiry<br />
with respect to any default which constitutes, or with notice or lapse <strong>of</strong> time or both would constitute, an Event <strong>of</strong><br />
Default without actual knowledge <strong>of</strong> the Trustee or receipt by the Trustee <strong>of</strong> written notice <strong>of</strong> such default from the<br />
<strong>Commission</strong> or any Holder <strong>of</strong> Bonds.<br />
Except as expressly required under the 1991 Master Resolution, the Trustee is not required to<br />
institute any suit or action or other proceeding in which it may be a defendant, nor is it required to take any steps to<br />
enforce its rights <strong>and</strong> expose it to liability, unless <strong>and</strong> until it has been indemnified, to its satisfaction, against any <strong>and</strong><br />
all reasonable costs <strong>and</strong> against all liability <strong>and</strong> damages. The Trustee nevertheless, may begin suit, or appear in <strong>and</strong><br />
defend suit, or do anything else which in its judgment is proper to be done by it as the Trustee, without prior assurance<br />
<strong>of</strong> indemnity, <strong>and</strong> in such case the <strong>Commission</strong> is required to reimburse the Trustee for all reasonable costs <strong>and</strong> for all<br />
liability <strong>and</strong> damages suffered by the Trustee in connection therewith, except for the Trustee's own negligent action, its<br />
own negligent failure to act, its own willful misconduct or self-dealing constituting a breach <strong>of</strong> trust under applicable<br />
law.<br />
In the absence <strong>of</strong> bad faith on the part <strong>of</strong> the Trustee, the Trustee may conclusively rely upon <strong>and</strong><br />
will be protected in acting or refraining from acting in reliance upon any document reasonably believed by it to be<br />
genuine <strong>and</strong> to have been signed or presented by the proper <strong>of</strong>ficials <strong>of</strong> the <strong>Commission</strong>, the Treasurer, the <strong>City</strong>, an<br />
<strong>Airport</strong> Consultant, an Independent Auditor or the Holders <strong>of</strong> Bonds or agents or attorneys <strong>of</strong> such holders; provided, in<br />
the case <strong>of</strong> any such document specifically required to be furnished to the Trustee under the 1991 Master Resolution,<br />
the Trustee shall be under a duty to examine the same to determine whether it conforms to the requirements <strong>of</strong> the 1991<br />
Master Resolution. The Trustee is not bound to make any investigation into the facts or matters stated in any<br />
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, facsimile<br />
transmission, bond or other paper or document submitted to the Trustee.<br />
SUMMARY OF THE SUPPLEMENTAL RESOLUTIONS<br />
The following is a summary <strong>of</strong> certain provisions contained in the Supplemental Resolutions, as the<br />
same may have been subsequently amended or supplemented, <strong>and</strong> is not to be considered as a full statement there<strong>of</strong>.<br />
Reference is made to each <strong>of</strong> these Supplemental Resolutions <strong>and</strong> to the 1991 Master Resolution for full details <strong>of</strong> the<br />
terms <strong>of</strong> the Bonds, the application <strong>of</strong> revenues therefor, <strong>and</strong> the security provisions pertaining thereto. See also<br />
“DESCRIPTION OF THE 2010A BONDS” for a summary <strong>of</strong> the provisions related to the 2010A Bonds while they<br />
are in a Weekly Mode.<br />
Funds <strong>and</strong> Accounts<br />
The 1991 Master Resolution establishes the following funds <strong>and</strong> accounts:<br />
Within the Costs <strong>of</strong> Issuance Fund (held by the Trustee):<br />
Series 2010A Costs <strong>of</strong> Issuance Account<br />
Within the Debt Service Fund (held by the Trustee):<br />
Series 2010A Interest Account<br />
Series 2010A Principal Account<br />
Series 2010A Redemption Account<br />
Within the Credit Facility Fund (held by the Paying Agent, as agent for the Trustee)<br />
Series 2010A Credit Facility Account<br />
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