STATE OF OKLAHOMA TULSA COUHTY C'."""E\\.1

Transcription

1 TRUST INDENTURE OF STATE OF OKLAHOMA TULSA COUHTY C'."""E\\.1 ;\ - '. ft... Q TULSA INTERNATIONAL AIRPORT DEVELOPMENT T.~.V,S';( '. 'J'.l : "" KNOW ALL PERSONS BY THESE PRESENTS: THIS TRUST INDENTURE dated as of --:S-v L--( -Z.~ ~ ~, - i.. ~. '..., 2017, is made by G.T. Bynum, resident and Mayor of the City of Tulsa, Oklahoma (hereinafter referred to as the "Trustor"), and G.T. Bynum, William J. Stava, III, Joe Robson, Mary E. Smith Crofts, Kent J. Harrell, John Smaligo and Michael Willis, and their respective successors in office, hereinafter individually referred to as a "Trustee" and collectively as the "Trustees" of the TULSA INTERN A TI ON AL AIRPORT DEVELOPMENT TRUST, a public trust hereby organized pursuant to the laws of the State of Oklahoma (hereinafter referred to as "the Trust" or "this Trust"). WITNESSETH: That in consideration of the payment by the Trustor to the Trustees of the sum of Ten Dollars ($10.00), receipt of which is hereby acknowledged, the mutual covenants herein set forth, and other valuable consideration, the Trustees agree to hold, manage, invest, assign, convey and distribute as herein provided, authorized and directed, such property as the Trustor, or others, may from time to time assign, transfer, lease, convey, give, bequeath, devise or deliver unto this Trust or the Trustees hereof. TO HA VE AND TO HOLD such property and proceeds, rents, profits and increases thereof unto said Trustees and their successors and assigns, but nevertheless in trust, for the joint use and benefit of the City of Tulsa and the County of Tulsa, State of Oklahoma (each hereinafter referred to as a "Beneficiary" and collectively as the "Beneficiaries"), and upon the following trusts, terms and conditions. ARTICLE I CREATION OF TRUST The undersigned Trustor creates and establishes a public trust for the use and benefit of the Beneficiaries, to finance, operate, construct and administer the trust estate as hereinafter set forth, under the provisions of Title 60, Oklahoma Statutes 2011, Sections , inclusive, as amended from time to time (the "Public Trust Act"), and other applicable statutes of the State of Oklahoma. The name of the Trust shall be, and the Trustees in their representative fiduciary capacity shall be designated as "Tulsa International Airport Development Trust." Under that name they shall, so far as practicable, conduct all business, and execute all instruments in writing, and otherwise perform their duties and functions in the execution of this Trust. The Trust is not created or organized for profit, and further, no part of the net earnings derived from the activities or operations of the Trust shall inure to the benefit of any private person.

2 ARTICLE II PURPOSES The purposes of this Trust are: (1) To promote, encourage and further the accomplishment of all activities which are or may become of benefit to the Beneficiaries and which have a public purpose, including, but not limited to: (a) The support and promotion of economic development and commerce, and the design, construction and maintenance of infrastructure needed to promote economic development and growth, in the geographic area adjacent to or surrounding the Tulsa International Airport (the "Airport"), including but not limited to the project area (the "Project Area") as delineated in the Tulsa International Airport Economic Development Project Plan (the "Project Plan") as adopted by the City Council of the City of Tulsa and the County Commissioners of Tulsa County, Oklahoma, pursuant to the Oklahoma Local Development Act, Title 62, Oklahoma Statutes 2011, Sections , inclusive (as amended from time to time, the "Local Development Act"), and any tax increment financing districts from time to time established under the Project Plan; (b) The development to such extent and in such manner as is now or hereafter shall be a proper public function of the Beneficiaries of such activities and facilities as are or may be deemed a proper public function for the furtherance of the economic, environmental, educational, scientific, recreational, and cultural development under the Project Plan for the benefit of the Beneficiaries and their residents; and ( c) The development of industry and commerce for the purpose of fostering economic growth and stability and providing employment opportunities for the citizens and residents of the Beneficiaries and the State of Oklahoma and providing industrial, utility and other necessary facilities for new and existing industries located within the Project Area or located elsewhere within the City of Tulsa or the County of Tulsa and directly affecting or impacting the Airport and its operations. (2) To carry out, manage, oversee, supervise and administer the Project Plan and to exercise all powers necessary or appropriate thereto as provided in Section 854 of the Local Development Act; (3) To finance all or a portion of the "project costs" (as such term is defined in Section 853 of the Local Development Act) budgeted in the Project Plan and to finance all or a portion of the additional public costs of infrastructure and other improvements necessary for the continued development of the Project Area, by means including but not limited to the issuance of bonds or notes as provided in Sections 854(B) and 863 of the Local Development Act; (4) To coordinate with the City of Tulsa, the Tulsa Airports Improvement Trust, the Tulsa Airport Authority and other officials charged with responsibility for the Airport to insure that economic development activities undertaken pursuant to the Project Plan are consistent with the City of Tulsa Comprehensive Plan and the Airport Master Plan, each as submitted to and approved by the Federal Aviation Administration (including any agency succeeding to its - 2 -

3 functions, the "FAA"), as either plan may be in effect or modified from time to time, and do not violate or impair the Airport's ability to comply with applicable statutes, laws, regulations, grant assurances and other legal requirements, including but not limited to those established from time to time by the FAA; and (5) To take any other actions, not hereinabove enumerated, as are necessary, appropriate, beneficial or deemed desirable for or incidental to the accomplishment of the purposes of this Trust. ARTICLE III POWERS AND DUTIES OF THE TRUSTEES To accomplish the purposes of the Trust, and subject to the provisions and limitations otherwise provided in this Trust Indenture, this Trust and the Trustees shall have, in addition to the usual powers incident to their office and the powers granted to them in the Public Trust Act and other parts of this Trust Indenture, the following rights, powers, duties, authority, discretion and privileges, all of which may be exercised by them without any order or authority from any court: ( 1) To acquire by lease, sublease, purchase, gift, production, reduction to possession or otherwise and to plan, establish, develop, construct, reconstruct, extend, enlarge, improve, install, equip, furnish, provide, supply, maintain, repair, remodel, hold, store, regulate, operate, manage and administer any property or interest or estate therein (real, personal and/or mixed), rights, privileges, immunities, franchises, easements, licenses, promissory notes, contracts, benefits and any other thing of value, designed for or useful in instituting, furnishing, providing or supplying any facilities, improvements and services related to the purposes specified herein or performing any purposes of this Trust, to enter into contracts of purchase, lease-purchase or other interest in, or operation and maintenance of, said properties and revenues thereof, to comply with the terms and conditions of any leases, subleases, or other contracts made in connection with the acquisition, equipping, installation, maintenance, operation, leasing, subleasing, and/or disposal of any of any such property or interest or estate therein, and to relinquish, dispose of, rent or otherwise make provisions for properties owned or controlled by the Trust but no longer needful for trust purposes; (2) To lease, sublease, rent, furnish, or provide such property, buildings, improvements and facilities for use by the United States of America, the State of Oklahoma, or either of the Beneficiaries, or for use by authorities or agencies of the United States of America, the State of Oklahoma or either of the Beneficiaries, or for the use of corporations, individuals, partnerships, associations or proprietary companies upon such terms as the Trustees may deem suitable, and to relinquish, lease, sublease, rent, dispose of or otherwise alienate, or otherwise make provision for, or take any action relating to any or all of the assets of the Trust, including, but not limited to the sale, abandonment, or other disposition of any property of the Trust; (3) To finance, refinance, acquire, establish, develop, construct, enlarge, improve, extend, maintain, equip, operate, lease, sublease, furnish, provide, supply, regulate, hold, store and administer any of the property, buildings, improvements and facilities designated pursuant to - 3 -

4 the foregoing clauses as the Trustees shall determine necessary or appropriate for the benefit and development of the Project Plan and the Beneficiaries; (4) To provide funds for the costs of financing, acquiring, constructing, purchasing, equipping, maintaining, installing, leasing, subleasing, holding, extending, enlarging, remodeling, storing, operating, repairing and administering any or all of the property, buildings, improvements and facilities designated pursuant to the foregoing clauses, and all other charges, costs and expenses necessarily incurred in connection therewith; and in so doing to incur indebtedness, either unsecured or secured by all or part of the Trust assets and/or its revenues, and also to fix, demand, enforce and collect charges, prices, rates and fees for the use of, participating in and/or delivery or furnishing or providing of any or all of said facilities, improvements and services, or of any product thereof; and, in implementation of the foregoing, to refuse, deny and debar the use of, participation in and/or delivery, furnishing or providing of any or all of said facilities, improvements and services, or any product thereof, to any person failing to pay the Trust any charge, price, rate or fee due it as aforesaid for any facilities improvement, or service, or property whatsoever delivered, furnished or provided by the Trust, or for breach or violation of any rule or regulation theretofore established by the Trustees for the administering thereof; (5) To enter into contracts for the acquisition and construction of any or all of such facilities; (6) To borrow and issue bonds, notes or other evidences of indebtedness to finance all or any part of the costs of providing any of such facilities or services which directly or indirectly may be for the benefit of the Beneficiaries and the implementation of the Project Plan or for any other purpose or purposes which may directly or indirectly enhance the accomplishment of the purposes described herein; (7) To enter into contracts for the sale of bonds, notes or other evidences of indebtedness or obligations of the Trust in furtherance of the purposes of the Trust, and for that purpose may: (a) Employ a financial advisor, or committee of advisors, to advise and assist the Trustees in the marketing of such bonds, notes or other evidences of indebtedness or obligations, and to present financial plans for the financing of the acquisition or construction of each project; and to recommend to, or consult with, the Trustees concerning the terms and provisions of bond indentures and bond issues; and pay appropriate compensation for such work and services performed in the furtherance thereof; (b) Sell bonds, notes or other evidences of indebtedness of the Trust, at public or private sale, in whole, in installments or by series, in such form, at such price or prices, with such maturities and rates of interest (fixed, variable or flexible) and on such terms and conditions and in such manner as is permitted or prescribed by law and as the Trustees shall deem to be in the best interest of the Trust and the Beneficiaries; - 4 -

5 ( c) Appoint and compensate fiscal agencies, servicing agencies, remarketing agents, indexing agents, program advisors, consultants, administrative agents, depositories, custodians, registrars, authenticating agents, paying agents, corporate trustees and other functionaries and fiduciaries in connection with the issuance of any such bonds, notes or other evidences of indebtedness of the Trust; (d) pay for insurance, guaranty, standby and other credit enhancement from any public or private payment of any such bonds, notes or other evidences of indebtedness of the Trust or as security for any underlying obligations acquired with the proceeds thereof or pledged as security therefor and enter into any reimbursement, security or pledge agreements or any other contracts or undertakings in connection with the obtaining thereof; ( e) Pay all expenses incident to the issuance of any such bonds, notes or evidences of indebtedness and establish and fund any funds and accounts, including reserves, as the Trust shall deem necessary or desirable in connection with the issuance thereof; (f) Provide all terms for the deposit, securing, application, investment and disposition of all moneys at any time held in any funds and accounts established in connection with the issuance of any such bonds, notes or evidences of indebtedness; and (g) Pledge and assign any or all of the Trust Estate to secure the payment of such bonds, notes or other evidences of indebtedness of the Trust; (8) To sue or be sued and to enter into all contracts, instruments and other evidences of obligations necessary or desirable to accomplish the purposes of this Trust; (9) To enter into and execute, purchase, lease, sublease or otherwise acquire property, real, personal or mixed, contracts, leases, subleases, rights, privileges, benefits, promissory notes, contracts, choses in action or other things of value and to pay for the same in cash, with bonds, notes or other evidences of indebtedness or otherwise; (10) To make and change investments, to convert real into personal property, and vice versa, to lease, sublease, improve, exchange or sell, at any time and as often as they deem advisable, any or all the property in the Trust, real, personal or mixed; to borrow money, or renew loans to the Trust, to refund outstanding bonded indebtedness, and to secure the same by mortgage, lien, pledge or otherwise; to purchase property from any person, firm or corporation, and lease or sublease land and other property to and from either of the Beneficiaries and others and construct, improve, repair, extend, remodel and equip facilities thereon and to operate or lease, sublease or rent the same to individuals, partnerships, associations, corporations and others, including the United States of America, the State of Oklahoma and each of the Beneficiaries, and the agencies, authorities or other political subdivisions of the United States of America, the State of Oklahoma and each of the Beneficiaries, and specifically including all public trusts established for the benefit of the State of Oklahoma and either of the Beneficiaries, and procure funds necessary for such purposes by the sale of bonds, notes or other evidences of indebtedness secured by a mortgage, lien, pledge or other encumbrance or otherwise of such real - 5 -

6 and personal property and facilities owned or otherwise acquired, leased or controlled by the Trustees, and by rentals, income, receipts and profits therefrom, or from any other revenues associated with the ownership, operation or control of the property of the Trust; and to lease or sublease any property of the Trust or of which the Trustees may become the owners, lessees or sub lessees; (11) To fix, demand and collect charges, rentals, and fees for the services and facilities of the Trust to the same extent as the Beneficiaries might do and to discontinue furnishing of services and facilities to any person, firm or corporation, or public instrumentality, delinquent in the payment of any indebtedness to the Trust; to purchase and sell such supplies, goods and commodities as are incident to the operation of its properties; (12) To make and perform contracts of every kind, including management contracts, with any person, firm, corporation, association, trusteeship, municipality, government or sovereignty; and without limit as to amount, to draw, make, accept, endorse, assume, guarantee, account, execute and issue promissory notes, drafts, bills of exchange, acceptances, warranties, bonds, debentures and other negotiable or non-negotiable instruments, obligations, and evidences of unsecured indebtedness, or of indebtedness secured by mortgage, deed of trust or otherwise upon any or all income of the Trust, in the same manner and to the same extent as a natural person might or could do; (13) To collect and receive any property, money, rents or income of any sort and distribute the same or any portion thereof for the furtherance of the authorized Trust purposes set out herein; (14) To hold, maintain and administer any leasehold rights in and to physical properties of either or both of the Beneficiaries and to comply with the terms and conditions of any such lease agreement with either or both of the Beneficiaries or others; (15) To expend any and all funds coming into the hands of the Trustees for the purpose of assisting the Beneficiaries to provide the facilities, improvements, services and activities set forth herein in accordance with the needs of the Beneficiaries and their residents; (16) To expend any funds coming into the hands of the Trustees, as revenues or otherwise, in the payment or reimbursement of costs and expenses accrued or incurred in administering the Trust (which shall include the payment of any indebtedness incurred for Trust purposes, and in payment of any other debt or obligation properly chargeable against any property of the Trust), and to distribute any residue or remainder of such funds to the Beneficiaries for any authorized or proper public function or purpose, and not otherwise. To receive funds, property, or other things of value from the federal, state or local government, or any other source or sources, and to issue bonds, notes or other obligations and to provide for funding thereof from time to time as funds are needed to pay the cost of local participation in or to act singly or jointly as a coordinating or administrative agency in connection with any present or future federal, state or other governmental programs now existent or hereafter developed or created, which shall be of advantage to this Trust and the Beneficiaries, and which are consistent with the objectives stated in this Trust Indenture; - 6 -

7 (17) To invest, reinvest or expend all funds coming into the hands of the Trustees as revenues or otherwise for the payment of any indebtedness incurred by the Trustees for purposes specified herein, and in the payment of the aforesaid costs and expenses, and in payment of any other obligation properly chargeable against the Trust Estate; (18) To contract for the furnishing of any services or the performance of any duties including, but not limited to the employment of attorneys, accountants, financial advisors, bond counsel and other professionals that they deem necessary or proper, and pay for the same as they see fit; (19) To select depositories for the funds and securities of this Trust (and any Temporary Trustee or Trustees or Receiver appointed pursuant to Article VI hereof may employ special counsel to represent them and such special counsel's compensation shall be paid from revenues of the Trust Estate); (20) To do all other acts in their judgment necessary or desirable, for the proper and advantageous management, investment and distribution of the Trust Estate and income therefrom and make and alter bylaws or other rules or regulations for the organization and internal management of the Trust; and (21) To do all other things in order to accomplish the purposes of this Trust as provided for by Article II hereof, whether hereinabove specifically enumerated or not. The Trustees may compromise any debts or claims of or against the Trust Estate, and may adjust any dispute in relation to such debts or claims by arbitration or otherwise and may pay any debts or claims against the Trust Estate upon any evidence deemed by the Trustees to be sufficient. The Trustees may bring any suit or action, which in their judgment is necessary or proper to protect the Trust Estate, or to enforce any claim, demand or contract for the Trust; and they shall defend, in their discretion, any suit against the Trust, or the Trustees or officers, employees, agents or servants thereof. The Trustees may compromise and settle any suit or action, and discharge the same out of assets of the Trust Estate, together with court costs and attorney's fees. All such expenditures shall be treated as expenses of executing this Trust. The Trustees are empowered to execute and deliver evidences of indebtedness with the provision that the security therefor shall be limited to only a certain portion or a specific asset of the Trust Estate, and shall not be a charge, claim, demand or lien against any other portion of the Trust Estate specifically excluded therefrom by such pledge or indenture so securing such evidence or evidences of indebtedness. No purchaser at any sale or lessee under a lease or sublessee under a sublease made by the Trustees shall be bound to inquire into the expediency, propriety, validity or necessity of such sale, lease or sublease or to see to or be liable for the application of the purchase or rental monies arising therefrom. (1) This Trust shall terminate: ARTICLE IV DURATION OF TRUST; TERMINATION - 7 -

8 (a) When purposes set forth in Article II of this Trust Indenture shall have been fully executed and fulfilled; or (b) In the event of the happening of any event or circumstance that would prevent said purposes from being executed and fulfilled and all of the Trustees shall agree that such event or circumstance has taken place; provided, however, that all indebtedness of the Trust shall have been paid. (2) This Trust shall not be terminated by voluntary action if there be outstanding funded indebtedness or obligations of the Trust, unless all owners of such indebtedness or obligations, or one authorized by them so to do, shall have consented in writing to such termination. (3) Upon the termination of this Trust, the Trustees shall proceed to wind up the affairs of the Trust, and after payment of all debts and obligations out of the Trust Estate, to the extent thereof, shall distribute the residue of the Trust Estate to the Beneficiaries hereunder. Upon the final distribution as aforesaid, the powers, duties and authority of the Trustees hereunder shall cease. ARTICLE V THE TRUST ESTATE The Trust Estate shall consist of the following: (a) all funds and property presently in the hands of the Trustees or to be acquired or constructed by the Trustees and dedicated by the Trustor and others for use in accomplishing trust purposes; and (b) any and all money, property (real, personal or mixed), rights, choses in action, contracts, leases, privileges, immunities, licenses, franchises, benefits, and all other things of value coming into the possession of the Trustees pursuant to the provisions of this Trust Indenture. Title to the properties of the Trust shall be vested in the Trustees. The Trustees shall have and exercise exclusive management and control of the properties of the Trust Estate for the use and benefit of the Trust and its Beneficiaries. The instruments executed in connection with each project, and/or the issuance by the Trustees of bonds, notes or other evidences of indebtedness, shall set out the specific property of the Trust Estate exclusively pledged and mortgaged for the payment of such indebtedness. ARTICLE VI THE TRUSTEES (1) There shall be seven (7) Trustees of the Trust, five (5) of whom shall serve as representatives of the City of Tulsa (hereinafter referred to as the "City Trustees") and two (2) of whom shall serve as representatives of the County of Tulsa (hereinafter referred to as the - 8 -

9 "County Trustees"). All Trustees shall be citizens of the United States of America and the State of Oklahoma. (2) The City Trustees shall, during the term of the Trust, consist of the members of the Tulsa Airport Authority in office from time to time. When any person has been appointed and qualified as a member of the Tulsa Airport Authority, he or she shall thereupon be deemed to have accepted appointment as Trustee of this Trust, and shall continue as a Trustee so long as he or she remains a member of the Tulsa Airport Authority. If any member of the Tulsa Airport Authority shall refuse to act as Trustee of this Trust, then the Mayor of the City of Tulsa shall appoint another person to serve as Trustee, subject to confirmation by the City Council of the City of Tulsa. Any person so appointed by the Mayor must be a resident of the City of Tulsa. (3) The County Trustees shall be appointed by the County Commissioners of the County of Tulsa to serve for staggered four-year terms. Initially, one County Trustee shall serve for a two-year term expiring on December 31, 2018, and the other County Trustee shall serve for a four-year term expiring on December 31, Thereafter, the term of each County Trustee shall be for a term of four years. A County Trustee may be re-appointed to serve successive terms. A person appointed as a County Trustee may also be serving as a County Commissioner or other elected county official. (4) The initial Trustees and their initial terms are as follows: Trustee G.T. Bynum, Mayor William J. Stava, III Joe Robson Mary E. Smith Crofts City Trustee or County Trustee City Trustee City Trustee City Trustee City Trustee Initial Term Same as term in office as Mayor Same as term as member of Tulsa Airport Authority (term currently expires April 30, 2018) Same as term as member of Tulsa Airport Authority (term currently expires April 30, 2019) Same as term as member of Tulsa Airport Authority (term currently expires April 30, 2020) - 9 -

10 Kent J. Harrell John Smaligo Michael Willis City Trustee County Trustee County Trustee Same as term as member of Tulsa Airport Authority (term currently expires April 30,2021) December 31, 2018 December 31, 2020 (5) By acceptance of the beneficial interest hereunder, the initial Trustees shall be deemed to have been appointed and confirmed by the governing bodies of the respective Beneficiaries. Each successor in office appointed in accordance with clause (2) or clause (3) of this Article VI, as applicable, shall without any further act, deed or conveyance, automatically become a Trustee of this Trust and become fully vested with all the estate, properties, rights, powers, duties and obligations of his predecessor hereunder with like effect as if originally named as a Trustee herein. Notwithstanding the expiration of a stated term of office, a Trustee shall continue to serve until his successor shall have been appointed and qualified. (6) The Trustees shall serve without compensation, except for actual expenses and reasonable per diem while attending meetings and/or in traveling thereto or therefrom, or in connection with other official business of the Trust. (7) Every person becoming a Trustee shall take the oath of office required of an elected public officer, including the oath of office required under the Public Trust Act. The oaths of office shall be administered by any person authorized to administer oaths in the State of Oklahoma, and shall be filed in the office of the Trust. (8) All meetings of the Trustees shall be open to the public and shall be conducted in accordance with the requirements of the Oklahoma Open Meeting Act. The Trustees shall designate the time and place of all regular meetings in accordance with laws of the State of Oklahoma, including the Oklahoma Open Meeting Act, and notice of the time and place of every meeting, whether regular, special or emergency, shall be given in accordance with the requirements of the Oklahoma Open Meeting Act. (9) A majority of Trustees shall constitute a quorum for purposes of conducting business at any meeting. All actions by the Trustees pursuant to the provisions of this Trust Indenture shall be approved by the affirmative vote of at least a majority of the Trustees qualified to act as such under the provisions of this Trust Indenture. (10) The Trustees are authorized to contract, in connection with the incurring of any funded indebtedness secured by the Trust Estate and/or its revenues, or any part of either or both, that in the event of a default in the fulfillment of any contractual obligation undertaken on behalf of the Trust or in the payment of any indebtedness incurred on behalf of the Trust, that a Temporary Trustee or Trustees or Receiver shall be appointed to succeed to the rights, powers and duties of the Trustees then in office. Any such contract, if made, shall set out the terms and conditions under which such Temporary Trustee or Trustees or Receiver shall be appointed, and

11 operate the Trust Estate and provide for compensation to be paid, and the appointment to be vacated and permanent Trustees to be automatically reinstated upon termination of all defaults by which their appointment was authorized. ( 11) Contracts, notes, bonds, or other evidences of indebtedness to be issued by the Trustees shall not constitute obligations of the State of Oklahoma or either of the Beneficiaries, or personal obligations of the Trustees, officers, employees or agents of the Trust, but shall constitute obligations of the Trust payable solely from the Trust Estate or portions thereof. ( 12) Notwithstanding any other provision of this Trust Indenture which shall appear to provide otherwise, no Trustee or Trustees shall have the power or authority to bind or obligate any other Trustee, or the Beneficiaries, in his or its capacity, nor can the Beneficiaries bind or obligate the Trust or any individual Trustee. (13) Contracts, conveyances, leases, subleases, and all other instruments creating in writing legal rights and duties of the Trust shall be executed in its name by its Chairman or Vice Chairman and attested by its Secretary or an Assistant Secretary duly appointed by majority vote of the Trustees, with the seal of the Trust affixed. It shall not be necessary for all Trustees to execute such instruments, even though their names, as Trustees, may have appeared in any conveyance, indenture or other instrument in favor of or to the Trust. ARTICLE VII OFFICERS (1) A Chairman of the Trustees shall be selected by majority vote of the Trustees and shall preside at all meetings of the Trust and perform other duties designated by the Trustees. The Trustees shall select one of their members to be Vice-Chairman, who shall act in the place of the Chairman during the latter's absence or incapacity to act. (2) The Trustees shall select a Secretary, one or more Assistant Secretaries and a Treasurer of the Trust. These officers need not be Trustees of the Trust. The Secretary shall keep or cause to be kept minutes of all meetings of the Trustees and the Treasurer shall maintain or cause to be maintained complete and accurate records of all of the Trust's financial transactions. All such minutes, books and records shall be on file in a designated office of the Trust. (3) The Trustees may appoint an Executive Director, who may be an employee of a Beneficiary, and may employ such other clerical, professional, legal and technical assistance as may be deemed necessary or appropriate in the discretion of the Trustees to properly operate the business of the Trust, and may fix their duties, terms of employment and compensation. In the event an Executive Director or other employees or professionals are appointed or employed by the Trustees, they shall administer the business of the Trust as directed by the Trustees. (4) If required by the Trustees, every officer and employee who handles funds of the trust shall furnish a good and sufficient fidelity bond in an amount and with surety as maybe specified and approved by Trustees, such bond to be with a surety company authorized to transact surety business in the State of Oklahoma. The cost of said bond shall be paid from funds of the Trust

12 ARTICLE VIII BENEFICIARIES OF TRUST (1) The Beneficiaries of this Trust shall be the City of Tulsa and the County of Tulsa, State of Oklahoma. Trustor now declares that this Trust Indenture shall be irrevocable from the moment it is signed and delivered to the Trustees and accepted by the Beneficiaries. (2) The Beneficiaries shall have no legal title, claim or rights to the Trust Estate, its income, or to any part hereof, or to demand or require any partition or distribution hereof. Neither shall the Beneficiaries have any authority, power or right whatsoever, to do or transact any business for, or on behalf of, or binding upon the Trustees or upon the Trust Estate, nor the right to control or direct the actions of the Trustees, except as required by the laws of the State of Oklahoma. The Beneficiaries shall be entitled solely to the benefits of this Trust, as administered by the Trustees hereunder; and upon the termination of the Trust, as provided hereinafter, and only then, the Beneficiaries shall receive the residue of the Trust Estate. ARTICLE IX GENERAL (1) The Trustor hereby declares his intent that this Trust Indenture may be amended or modified from time to time by the affirmative vote of at least a majority of the Trustees qualified to act as such under the provisions of this Trust Indenture and the acceptance thereof by a majority vote of the governing bodies of each of the Beneficiaries; provided, however, that this Trust Indenture shall not be subject to alteration, amendment, revision, modification or termination from and after the date any indebtedness is incurred by the Trustees if such change or changes, would adversely affect the security of said outstanding indebtedness. (2) The Trustees shall adopt a seal, which maybe affixed in like manner as corporate seals are affixed to documents. (3) The Trustees shall cause such audits of the funds, accounts and fiscal affairs of the Trust to be made and filed pursuant to the provisions of the Public Trust Act. (4) Neither the Trustees, the Beneficiaries or the State of Oklahoma nor any officer, employee or agent of the Trust shall be charged personally with any liability whatsoever by reason of any act or omission committed or suffered in good faith or in the exercise of their honest discretion in the performance of the purposes of the Trust or the operation of the Trust, but any act or liability for any omission or obligation of the Trustees, or any officer, employee or agent of the Trust in the operation or execution of such Trust, shall extend to the whole of the Trust Estate or so much thereof as may be necessary to discharge such liability or obligation. (5) The books, records and minutes of the Trustees shall be considered as public records and available for inspection at any reasonable time by any interested party in accordance with the Oklahoma Open Records Act. ARTICLEX ACCEPTANCE OF TRUST

13 The Trustees accept the Trust herein created and provided for, and agree to carry out the provisions of this Trust Indenture on their part to be performed. IN WITNESS WHEREOF, the Trustor and the Trustees have hereunto set their hands executing this instrument in multiple originals, each of which is one and the same instrument as the others, on the day and year indicated. <:ttstdp TRUSTOR: G.T. BYNU TRUSTEES:

14 ACKNOWLEDGMENTS STATE OF OKLAHOMA ) ) SS: COUNTY OF TULSA ) This instrument was acknowledged before me this ~Lfta. day of Ju..(5j Bynum. --, 2017, by G.T. My Commission Number: 1700 f5.2'1, My Commission Expires: i=---/_,_f 9"'--'-/-='4- (SEAL) STATE OF OKLAHOMA ) ) SS: COUNTY OF TULSA ) This instrument was acknowledged before m William J. Stava, III. My Commission Number: _\c_\_d_o_h'l_l_3 My Commission Expires: J0~ \?>/ W\9 N (SEAL) ST ATE OF OKLAHOMA ) ) SS: COUNTY OF TULSA ) This instrument was acknowledged before me thid~j. day o i..::.µ~~ Robson. '\,. ' My Commission Number: My Commission Expires: (SEAL) \ \ D0b4 'L~ <l01..-.'1 1e,. ZDl1 NOT

15 STATE OF OKLAHOMA ) ) SS: COUNTY OF TULSA ) This instrument was acknowledged before me this -5.-J day of,--'l''-"f-"~""" ' E. Smith Crofts. 2017, by Mary My Commission Number: {I 00"423 -~-----=---~ My Commission Expires:.JvL1 \~/ 2011 (SEAL) STATE OF OKLAHOMA COUNTY OF TULSA J. Harrell. My Commission Number: \\ODb4:"2.~ My Commission Expires: ~u~ lf, L..o\S (SEAL). -~ '!'J <-1 -- " - ~. :~ '.l l ' STATE OF OKLAHOMA ) ) SS: COUNTY OF TULSA ) 1:, This instrument was acknowledged before me Smaligo. My Commission Number: //OD q I (.pq My Commission Expires: / b - (p - I g (SEAL)

16 STATE OF OKLAHOMA ) ) SS: COUNTY OF TULSA ) This instrument was acknowledged before Michael Willis. My Commission Number: I \ ula I (o 0 My Commission Expires: ~'~b~-~le--~' '~- (SEAL)

17 ACCEPTANCE BY CITY OF TULSA Pursuant to action of the City Council of the City of Tulsa, Oklahoma, on this day of, 2017, taken by the affirmative vote of not less than 2/3 of the entire membership of the City Council, the City of Tulsa hereby accepts the beneficial interest in the Trust created by the within and foregoing Trust Indenture, for and on behalf of the City of Tulsa in all respects in accordance with the terms of said Trust Indenture. THE CITY OF TULSA, OKLAHOMA, A Municipal Corporation Anna America Chair, Tulsa City Council Date:, 2017 ATTEST: By: City Clerk APPROVED AS TO FORM: By: ~ G. T. Bynum, Mayor Date:, 2017 City Attorney

18 ., ACCEPTANCE BY TULSA COUNTY KNOW ALL PERSONS BY THESE PRESENTS: That the County Commissioners of Tulsa County, Oklahoma, hereby accept the beneficial interest in the Trust created by the within and foregoing Trust Indenture, for and on behalf of the County of Tulsa in all respects in accordance with the terms of said Trust Indenture. WITNESS my hand as Chairman of the Board of Commissioners of Tulsa County, Oklahoma, attested by the County Clerk of said County, pursuant to direction of said Board, this day of, ATTEST: Chairman County Clerk (SEAL)