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1994-06-21 Minutes
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1994-06-21 Minutes
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• so registered shall be made to Cede & Co., as nominee of the <br />Depository. <br />(f) With respect to Bonds registered in the bond <br />register kept by the Trustee in the name of Cede & Co., as nominee <br />of the Depository, the Authority and the Trustee shall have no <br />responsibility or obligation to any person owning a beneficial <br />interest in any of the Bonds (or any nominee of such person). <br />Without limiting the effect of the immediately preceding sentence, <br />the Authority and the Trustee shall have no responsibility or <br />obligation with respect to (i) the accuracy of the records of the <br />Depository or Cede & Co., or any brokers, dealers, banks and other <br />financial institutions which are members of the Depository with <br />respect to any ownership interest in the Bonds, (ii) the delivery <br />to any person, other than a Bondholder, as shown in the bond <br />register kept by the Trustee, of any notice with respect to the <br />Bonds, including any notice of redemption, or (iii) the payment to <br />any person, other than a Bondholder as shown in the bond register <br />kept by the Trustee, of-any amount with respect to principal of and <br />interest on the Bonds. The Authority and the Trustee may treat and <br />consider the person in whose name each Bond is registered in the <br />bond register kept by the Trustee as the holder and absolute owner <br />of such Bond for the purpose of payment of principal of and <br />interest with respect to such Bond, for the purpose of giving <br />notices of redemption and other matters with respect to such Bond, <br />for the purpose of registering transfers with respect to such Bond, <br />• and for all other purposes whatsoever, and the Authority and the <br />Trustee shall not be affected by notice to the contrary. The <br />Trustee shall pay all principal of and interest on the Bonds only <br />to or upon the order of the respective Bondholders, as shown in the <br />bond register kept by the Trustee, or their respective attorneys <br />duly authorized in writing, as provided in Section 2.01 hereof and <br />all such payments shall be valid and effective to satisfy and <br />discharge fully the Authority's obligations with respect to payment <br />of the principal of and interest on the Bonds to the extent of the <br />sum or sums so paid. No person other than a Bondholder, as shown <br />in the bond register kept by the Trustee, shall be issued a <br />certificate evidencing the obligation of the Authority to make <br />payments of principal of and interest on the Bonds. <br />ARTICLE III <br />APPLICATION OF BOND PROCEEDS <br />AND REQUIRED FUND DEPOSITS <br />Section 301. Deposit of Funds. The Authority shall <br />deposit with the Trustee all of the net proceeds from the sale of <br />the Bonds, and the Trustee shall out of such proceeds: <br />(a) Deposit $ to the credit of the <br />Construction Fund established hereby which amount includes <br />• <br />28 <br />
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