§ 9-48. Powers of the trustee.

(a)

Subject to the provisions of section 9-47, the trustee is authorized and empowered:

(1)

To sell, exchange, convey, transfer or dispose of and also to grant options with respect to any property, whether real or personal, at any time held by it, and any sale may be made by private contract or by public auction, and no person dealing with the trustee shall be bound to see to the application of the purchase money or to inquire into the validity, expediency or propriety of any such sale or other disposition;

(2)

To retain, manage, operate, repair and improve and to mortgage or lease for any period and on such terms as the trustee shall deem proper and real estate or personal property held by the trustee, including power to demolish any buildings or other improvements in whole or in part and to erect buildings or other improvements and to make leases that may extend beyond the term of the trust; and to foreclose, extend, renew, assign, release or partially release and discharge mortgages or other liens;

(3)

To compromise, compound and settle any debt or obligation due from third persons to it or to third persons from it as trustee hereunder, and to reduce the rate of interest on, to extend or otherwise to modify or to foreclose upon default or otherwise to enforce such obligation;

(4)

To vote in person or by proxy, with or without power of substitution, on any stocks, bonds or other securities held by it; to exercise any options appurtenant to any stocks, bonds or other securities for the conversion thereof into other stocks, bonds or other securities for the conversion thereof into other stocks, bonds or securities, or to exercise any rights to subscribe for additional stocks, bonds or other securities and to make any and all necessary payments thereof; to join in, dissent from or oppose the reorganization, recapitalization, consolidation, sale or merger of corporations or properties in which it may be interested as trustee, upon such terms and conditions as it may deem wise and to accept any securities which may be issued upon any such reorganization, recapitalization, consolidation, sale or merger and thereafter to hold the same;

(5)

To make, execute, acknowledge and deliver any and all deeds, leases, assignments, documents of transfer and conveyance, documents of release and satisfaction and any and all other instruments that may be necessary or appropriate to carry out the powers herein granted;

(6)

To enforce any right, obligation or claim in its discretion and in general to protect in any way the interest of the trust fund, either before or after default; and in case it shall consider such action for the best interest of the trust fund, to abstain from the enforcement of any right, obligations or claim, to abandon any property, whether real or personal, which at any time may be held by it;

(7)

To borrow from anyone, including the trustee, such sum or sums, from time to time, as the trustee considers necessary or desirable and for the best interest of the trust fund and for that purpose to mortgage or pledge all or any part of the trust fund;

(8)

To cause any investment in the trust fund to be registered in or transferred into, its name as trustee, or the name or names of its nominee or nominees, or to retain them unregistered or in form permitting transferability by delivery, but the books and records of the trustee shall at all times show that all such investments are part of the trust fund;

(9)

To retain in cash or other property unproductive of income such portion of the trust fund as deemed advisable, without liability therefor;

(10)

If a bank, to deposit in its commercial banking department that portion of the trust fund as deemed advisable, without liability for the payment of any interest thereon;

(11)

To acquire property returning no income or slight income, or to retain any such property so long as the trustee shall deem advisable;

(12)

To purchase, convey, lease and otherwise deal with oil, gas and other minerals, mineral rights and royalties; to operate and develop oil, gas and other mineral properties and interests, including, but not limited to, the power to make and release oil, gas and mineral leases and subleases; to make mineral deeds and royalty transfers; to create, reserve and dispose of overriding royalties, oil payments, gas payments, and any other interests; to execute division orders and transfer orders; to enter into development and drilling contracts, operating agreements and unitization agreements; and to make agreements for present or future pooling of any and all interests in oil, gas and other minerals;

(13)

To consult with counsel, who may be counsel to the city, and in so doing shall be fully protected in acting upon the advice of such counsel;

(14)

To continue to exercise any powers and discretion herein granted for a reasonable time after the termination of the trust;

(15)

To utilize, if an individual or individuals, the facilities of any bank, as a depository;

(16)

To perform all acts which it may deem necessary or proper and to exercise any and all powers of the trustee under this agreement upon such terms and conditions as it may deem for the best interest of the trust fund.

(b)

In addition to the powers and authorities herein elsewhere granted, except as herein expressly provided otherwise, the trustee shall have the powers, authorities and discretions set forth in the laws of the State of Florida insofar as applicable hereto. The powers and authorities granted to the trustee shall not be limited by the fact that such trustee may be a bank or other financial institution, and no trustee duly appointed, qualified and acting hereunder shall be subject to limitations or restrictions imposed upon a bank or other financial institution or upon fiduciaries generally with respect to the type of investment any such institution or trustee may make of its own funds or the funds or others. Specifically such trustee may retain, acquire or otherwise deal in stock for which it is registrar, transfer agent, and the like, may deposit trust funds with itself as a bank, may contract or otherwise enter into transactions between itself as trustee and as a bank or between itself as trustee and any other institution for which it then, therefore, or thereafter may be acting as trustee, subject to the laws of the State of Florida.

(c)

Wherever and as often as the trustee deems such action desirable, it may by written instrument appoint any person or corporation in any state of the United States to act as ancillary trustee with respect to any portion of the trust assets then held or about to be acquired on behalf of the trustee. Each such ancillary trustee shall have such rights, powers, duties and discretions as are delegated to it by the trustee, but shall exercise the same subject to such limitations or further directions of the trustee as shall be specified in the instrument evidencing its appointment. The ancillary trustee may resign or may be removed by the trustee, as to all or any portion of the assets so held at any time or from time to time, by written instrument delivered one to the other, and the trustee may thereupon appoint another ancillary trustee or successor to whom the assets shall be promptly transferred, or may itself receive such assets in termination of the ancillary trusteeship to that extent. Such ancillary trustee shall be accountable solely to the trustee and shall be entitled to reasonable compensation.

(Ord. No. O-77-11, Art. XX, 8-3-77)