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PCG » Topics » SECTION 10.04. Not Responsible for Recitals or Issuance of Bonds or Application of Proceeds

This excerpt taken from the PCG 10-Q filed May 4, 2005.
SECTION 10.04.     Not Responsible for Recitals or Issuance of Bonds or Application of Proceeds.

          The recitals contained herein and in the Bonds (except the Trustee’s certificate of authentication on the Bonds) shall be taken as the statements of the Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness.  The Trustee makes no representations as to the validity or genuineness of any securities at any time deposited with the Trustee hereunder, or as to the validity or sufficiency of this Indenture or of the Bonds.  The Trustee shall not be accountable for the use or application by the Company of the Bonds or the proceeds thereof or of any money paid to the Company or upon Company Order under any provision hereof.  Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Bonds or the proceeds thereof.

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