(2) provides written notice to the State Treasurer of such
determination and of the percentage, if any, of the Depreciation
Reserve Fund Requirement to be deposited thereafter in the
Depreciation Reserve Fund and/or the amount of transfers to be made;
(3) pursuant to Section 7.01, the Board adopts a supplemental
resolution amending Section 4.02(e) to state the percentage, if any,
of the Depreciation Reserve Fund Requirement thereafter to be
deposited in the Depreciation Reserve Fund and/or providing for
transfers from the Depreciation Reserve Fund.
Section 4.06. Investment Income.
The interest and realized income from the investment of moneys in
any fund or account shall be added to and become a part of the fund or account
out of which the investment was made, except as may otherwise be provided in a
Series Resolution. The expenses of purchase, safekeeping, sale and redemption
and all other expenses and losses incident to said investments shall be charged
to the fund or account out of which the investment was made.
ARTICLE V. CONCERNING THE TRUSTEE, PAYING AGENTS AND REGISTRAR
Section 5.01. Appointment and Duties of Trustee.
In the Series Resolution authorizing the issuance of the initial
Series of Bonds, the Board shall appoint a Trustee and so long as any Bonds are
Outstanding under the Resolution, the Trustee so appointed or a successor
Trustee appointed in the manner as hereinafter provided shall be the Trustee
under the Resolution. The Trustee shall (i) authenticate all Bonds issued
under the Resolution, (ii) serve as Paying Agent for the payment of the
principal and interest on the Bonds and the redemption price upon redemption of
the Bonds prior to maturity, (iii) serve as Registrar for the registration,
exchange and transfer of the Bonds, (iv) serve as depository of the Bond Fund
and any other trust funds created pursuant to a Series Resolution for deposit
with the Trustee; invest and reinvest the assets of the funds held in trust by
the Trustee as required by the Resolution or as directed by the Board or its
designee; (v) upon a declaration of an event of default, take whatever action
as may be authorized by the Resolution and applicable law to enforce the rights
of Bondowners; and (vi) perform such other duties of a trustee as may be
required by a Series Resolution to which the Trustee has consented.
Section 5.02. Reliance on Board by Trustee.
Except as otherwise expressly provided in the Resolution, any
request, consent, demand, notice, order, appointment or other direction made or
given by the Board to the Trustee shall be deemed to have been sufficiently
made or given by the proper party or parties if executed on behalf of the Board
by the Chairman or Secretary of said Board, and the Trustee may conclusively
rely as to the correctness of the statements, conclusions and opinion expressed
therein upon any certificate, report, opinion or other document furnished to
the Trustee pursuant to any provision of the Resolution.