(A) The city consents to the Holdenville Hospital Authority, a public trust, assuming any and all obligations to the city previously held by the Hospital Board of the Holdenville Public Works Authority.
(B) The city expressly assents to the creation of the new trust and transfer by HPWA to HHA of all hospital related assets held by HPWA.
(C) The city accepts the beneficial interest in trust created by HHA, declaration of trust, and continuation of the existing hospital board under the same terms and conditions incorporated in the new public trust.
(D) The city expressly creates the Holdenville Hospital Authority, a public trust, and the declaration of trust is attached and incorporated by reference. The sale of all or substantially all the assets of the statutory public trust or a long term leasehold agreement of more than ten years is expressly reserved to the City Council then sitting as trustees of the new Holdenville Hospital Authority.
(Prior Code, App. 4, § 1) (Ord. 597, passed 2-17-1998)