1998-10-19 Resolution 130 - Laserfiche WebLink

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• of the Refunding Bonds. The Authority will not have any responsibility or obligation to any DTC Participant or Indirect Participant, or any person on behalf of which, or otherwise in respect of which, any such participant holds any interest in any Refunding Bonds, including, without limitation, any responsibility or obligation to maintain accurate records of any interest in any Refunding Bonds or any responsibility or obligation with respect to the receiving of payment of principal of or interest on any Refunding Bonds, the receiving of notice or the giving of consent. Principal and interest payments on the Refunding Bonds will be made to DTC or its nominee, Cede & Co., as registered owner of the Refunding Bonds. DTC's current practice is to credit the accounts of the DTC Participants on a payable date in accordance with their respective holdings shown on the records of DTC unless DTC has reason to believe that it will not receive payment on a payable date. Payments by DTC Participants and Indirect Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is now the case with municipal securities held for the accounts of customers in bearer form or registered in "street name", and will be the responsibility of such DTC Participant or Indirect Participant and not of DTC, or the Authority, subject to any statutory and regulatory requirements as may be in effect from time to time. Payment of principal, redemption premium and interest to DTC is the responsibility of the Authority or the Trustee and disbursement of such payments to DTC Participants shall be the responsibility of DTC Participants and Indirect Participants. Certain of the information under "Book-Entry-Only System' has been extracted from a report from DTC entitled "Book-Entry-Only Municipals'. No representation is made by the • Authority as to the completeness or accuracy of such information or as to the absence of material adverse changes in such information subsequent to the date thereof. Revision of Sook-Entry-Only System. In the event that either (1) the Authority receives notice from DTC to the effect that DTC is unable or unwilling to discharge its responsibilities as a clearing agency for the Refunding Bonds or (2) the Authority elects to discontinue its use of DTC as a clearing agency for the Refunding Bonds, then the Authority will do or perform or cause to be done or performed all acts or things, not adverse to the rights of the holders of the Refunding Bonds, as are necessary or appropriate to discontinue use of DTC as a clearing agency for the Refunding Bonds and to transfer the ownership of each of the Refunding Bonds to such person or persons, including. any other clearing agency, as the holder of such Refunding Bonds may direct. Any expenses of such a discontinuation and transfer, including any expenses of printing new certificates to evidence the Refunding Bonds, will be paid by the Authority. Redemption of Refundin Bg onds Optional Redemption. The Refunding Bonds maturing on or after March 1, 2007 may be redeemed prior to maturity at the option of the Authority in whole or in part, in any order of maturity as selected by the Authority and by lot within maturities, on any date not earlier than March 1, 2006. Redemption shall be at face value plus the following premiums expressed as a percentage of principal amount to be redeemed: 2% if redeemed on March 1, 2006 or thereafter on or before February 28, 2007; or 1 % if redeemed on March 1, 2007 or thereafter on or before February 29, 2008; or 0% if redeemed on March 1, 2008 or thereafter prior to maturity; -10-