1994-05-17 Resolution 91 - Laserfiche WebLink

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the Trustee, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment • of principal and interest on the Bonds to DTC is the responsibility of the Authority or the Trustee, disbursement of such payments to Direct Participants shall be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners shall be the responsibility of Direct and Indirect Participants. DTC may discontinue providing its services as securities depository with respect to the Bonds at any time by giving reasonable notice to the Authority or the Trustee. Under such circumstances, in the event that a successor securities depository is not obtained, Bond certificates are required to be printed and delivered. The Authority may decide to discontinue use of the system of book -entry transfers through DTC (or a successor securities depository). In that event, Bond certificates will be printed and delivered. The information contained in this section concerning DTC and DTC's book -entry system has been obtained from sources that the Authority and the Underwriters believe to be reliable, but neither the Authority nor the Underwriters take any responsibility for the accuracy thereof. Discontinuation of Book -Entry System In the event that the book -entry system for the Bonds is discontinued, the Trustee would provide for the registration of the Bonds in the name of the Beneficial Owners thereof. The Authority and the Trustee would treat the person in whose name any Bond is registered as the absolute owner of such Bond for the purposes of making and receiving payments thereon, and for all other purposes, and neither the Authority nor the Trustee would be bound by any notice or knowledge to the contrary. After discontinuation of the book -entry system, each Bond is transferable or exchangeable only upon the presentation and surrender thereof at the principal corporate trust office of the Trustee, duly endorsed for transfer or exchange, or accompanied by an assignment duly executed by the owner or its authorized representative in form • satisfactory to the Trustee. Upon due presentation of any Bond for transfer or exchange, the Trustee will authenticate and deliver in exchange therefor, within a reasonable time after such presentation, a new Bond or Bonds, registered in the name of the transferee or transferees (in the case of a transfer), or the owner (in the case of an exchange), in authorized denominations having the same form and terms as the Bond or Bonds so presented. The Authority or the Trustee would require the owner of any Bond to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with the transfer or exchange of such Bond. The Trustee is not required to transfer or exchange any Bond: (i) during any period between the Record Date and next Interest Payment Date of such Bond, (ii) during the 15 days prior to the mailing of any notice of redemption of any Bond, or (iii) subsequent to the mailing of any notice of redemption of such Bond by the Trustee. SECURITY AND SOURCES OF PAYMENT FOR THE BONDS Pledged Funds The Bonds are special obligations of the Authority and are payable solely from and secured exclusively by a lien upon the Pledged Funds, and the Authority is not under any obligation to pay the Bonds except from the Pledged Funds. The Bonds, and interest on the Bonds, are not a debt or a general obligation of the Authority or the City, nor a charge, a lien or an encumbrance, legal or equitable, upon property of the Authority or upon income, receipts or revenue of the Authority, other than those revenues that have been specifically pledged to the payment of the Bonds, which includes the Pledged Funds. The Authority has no taxing power. Pledged Funds consist of: (i) the proceeds from the sale of the Bonds, (ii) certain lease rentals to be received pursuant to the Lease, and (iii) all money and securities from time to time held by the Trustee under the 40 -6-