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1994-06-21 Minutes
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1994-06-21 Minutes
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accuracy or sufficiency of such information or of the disclosure practices of the Initial Credit Facility Issuer. The <br />~: summaries of and references to all documents, statutes and other instruments referred to in this Official Statement <br />do not purport to be complete and are qualified in their entirety by reference to the full text of each such document, <br />statute or instrument. The information contained herein is qualified by and subject to the provisions of the book- <br />. entry-only system for so long as Bonds are issued under the book-entry system. All capitalized terms used herein <br />which are not otherwise defined have the meanings set forth in Appendix E herein. <br />RISK FACTORS <br />Investment in the Bonds involves certain risks. In addition to the factors set forth elsewhere in this Official <br />Statement, prospective purchasers of the Bonds should carefully consider the following risk factors: <br />1. The principal of and up to 57 days' accrued interest on the Bonds are payable from and secured <br />by the Initial Credit Facility. The ability of the Initial Credit Facility Issuer to satisfy its obligations under the Initial <br />Credit Facility may be impaired in the event of a deterioration of the financial condition of the Initial Credit Facility <br />Issuer, as the Initial Credit Facility represents a general claim against the assets of the Initial Credit Facility Issuer. <br />In the event of the insolvency of the Initial Credit Facility Issuer, or the occurrence of some other event precluding <br />it from honoring its obligations under the Initial Credit Facility, the funds of the Authority which may be used to <br />pay debt service on the Bonds might not be sufficient to pay such debt service.' Scheduled lease rental payments <br />are not sufficient in all circumstances to pay debt service on the bonds. <br />2. The Initial Credit Facility will expire on , 1999, unless extended or replaced. The <br />Authority is not obligated to maintain the Initial Credit Facility or any Alternate Credit Facility after. expiration of <br />the Initial Credit Facility. However, all Bonds will be subject to mandatory purchase unless a Renewal Credit <br />Facility or an Alternate Credit Facility has been delivered. <br />• 3. Enforcement of remedies provided in the Indenture with respect to payments to be made by the <br />Initial Credit Facility Issuer under the Initial Credit Facility may be limited by bankruptcy or other laws relating <br />to creditors' rights generally in the event of insolvency or liquidation of the Initial Credit Facility Issuer. In <br />addition, performance by the Initial Credit Facility Issuer of its obligations under the Initial Credit Facility is subject <br />to the satisfaction of certain conditions by the Trustee, as set forth in the Initial Credit Facility. Bondholders are <br />thus dependent upon the Trustee's acting to satisfy such conditions before they will receive the benefit of the Initial <br />Credit Facility. <br />4. The Initial Credit Facility Issuer has not entered into any contractual commitment to provide <br />owners of Bonds with any information on a continuing basis. <br />BOOK-ENTRY-ONLY SYSTEM <br />The Depository Trust Company ("DTC"), New York, New York, will act as securities depository for the <br />Bonds. The Bonds will beissued asfully-registered securities in the name of Cede & Co. (DTC's partnership <br />nominee). One fully-registered Bond will be issued and deposited with DTC. <br />DTC is alimited-purpose trust company organized under the New York Banking Law, a "banking <br />organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a <br />"clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" <br />registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds securities <br />that its participants ("Participants") deposit with DTC. DTC also facilitates the settlement among Participants of <br />securities transactions, such as transfers and pledges, in deposited securities through electronic computerized book- <br />~~ entry changes in Participants' accounts, thereby eliminating the need for physical movement of securities certificates. <br />Direct Participants include securities brokers and dealers, banks, trust companies, clearing. corporations, and certain <br />~~ other organizations ("Direct Participants"). DTC is owned by a number of its Direct Participants and by the New <br />-3- <br />
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