52-91 Gen Provisions - Sanitary Sewer Spec Oblig Bonds

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I ( signed by the Mayor and the Fiscal Officer of the Issuer (one of the signatures may be a facsimile). Section 21. Cancellation of Bonds. The Registrar shall cancel any Bonds surrendered to the Fiscal Agent pursuant to this General Bond Legislation for payment or retirement or for exchange, replacement or transfer. written reports of surrender and cancellation of Bonds shall be made to the Fiscal Officer by the Registrar at least once each calendar year. Unless otherwise directed by the Issuer or other lawful authority, canceled Bonds shall be retained and stored by the Registrar for a period of seven years. After that time or at any earlier time as authorized by the Issuer, the canceled Bonds may, at the direction of the Fiscal Officer, be either returned to the Issuer or destroyed by the Registrar by shredding or cremation, and certificates of that destruction (describing the manner thereof) shall be provided by the Registrar to the Fiscal Officer. Section 22. Reaistrar shall Retain the Bond Reaister, The Registrar shall retain and store the Bond Register for seven years after payment of all of the respective Bonds. At any time and upon request by the Issuer, the Registrar shall permit the Issuer to inspect the Bond Register and shall provide the Issuer with a copy of the Bond Register. The Registrar and the Issuer acknowledge that pursuant to section 9.96 of the Ohio Revised Code the Bond Register is not a "public record" under Ohio law. In the event of a request to the Registrar by any person other than the Iseuer for inspection of the Bond Register, the Registrar shall notify the Fiscal Officer and shall not permit that inspection unless it is approved by the Fiscal Officer, except: that the Registrar may permit an inspection pursuant to an order of a court of competent juriSdiction. Section 23. Principal and Interest pavments bv the Fiscal Aaent as pavina Aaent. The Fiscal Agent shall pay the principal of and any premium and interest on Bonds and Notes in accordance with this General Bond Legislation, but only from moneys deposited with the F.iscal Agent by the Issuer for that purpose. Section 24. Fees. Charaes and Expenses of the Fiscal Aaent and Reaistrar. The Fiscal Agent and Registrar agree to undertake the duties and obligations and to perform all services contemplated to be performed under this General Bond Legislation. For these services, the Issuer shall pay the Fiscal Agent and Registrar the fee agreed upon in connection with each series of Bonds and Notes prior to the issuance and sale of such Bonds and Notes, plus all reasonable expenses, disbursements and advances, promptly upon receipt of an invoice Or invoices from the Fiscal Agent and Registrar in regard thereto, which fees the Fiscal Agent and aegistrar hereby acknowledges to be its compensation due to it during the life of such Bonds and Notes for the performance of its ordinary services contemplated hereunder and under the applicable Series Legislation. The Issuer shall pay the Fiscal Agent and Registrar for any extraordinary services or expenses performed or incurred by the Fiscal Agent and Registrar in connection with its duties hereunder and under the applicable Series Legislation. The obligations of the Issuer under this Section 24 to compensate the Fiecal Agent and Registrar and to pay (or reimburse) the Fiscal Agent and Registrar for expenses, disbursements and advances shall survive the satisfaction and discharge of this General Bond Legislation. section 25. Standard of Care. The Fiscal Agent agrees to perform the obligations and trusts provided hereunder as an ordinarily prudent corporate trustee under a trust agreement, but only upon and subject to the following express terms and conditions: (a) The Fiscal Agent may consult with counsel, and any written advice or any opinion of counsel shall be full and complete protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with any such advice or opinion of counsel. The Trustee shall not: be liable for any action taken, suffered or omitted by it in good faith and believed -19-