Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds

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With respect to any series of 1998 Bonds sold to the State pursuant to Section 8 of this Ordinance, it is understood that principal shall not be payable and interest shall not accrue on such series of 1998 Bonds until such principal amount has been advanced pursuant to requests made by the City to the State, with advances to be allocable to such series of 1998 Bonds in order of maturity. In the event that the total principal amount of the 1998 Bonds of such series is not advanced to the City, the principal amount of such series shall be reduced to effect such reduction in a manner that will still achieve as level annual debt service as practicable in accordance with in this Section 3 of this Ordinance. The Controller is hereby authorized to appoint a registraz and a paying agent for the 1998 Bonds (the "Registrar" and the "Paying Agent" and, in both such capacities, the "Registrar and Paying Agent"). The Registrar and Paying Agent shall be chazged with and shall by appropriate agreement undertake the performance of all of the duties and responsibilities customazily associated with each such position, including without limitation the authentication of the 1998 Bonds. The Controller is authorized and directed to enter into such agreements and understandings with the Registrar and Paying Agent and any subsequent Registrar and Paying Agent as will enable and facilitate the performance of its duties and responsibilities, and is authorized and directed to pay such fees as the Registrar and Paying Agent may reasonably charge for its services in such capacity, and such fees may be paid from the Sewage Works Sinking Fund created under the 1993 Ordinance and continued by this Ordinance. As to the 1998 Bonds, if registered in the name of the State, the Bond Bank or any other purchaser that does not object to such designation, the Controller shall be designated as the Registrar and Paying Agent and shall be chazged with the performance of all of the duties and responsibilities of Registraz and Paying Agent. The Registrar and Paying Agent, if not the Controller, may at any time resign as Registrar and Paying Agent upon giving thirty (30) days' notice in writing to the City and by first- class mail to each registered owner of the 1998 Bonds then outstanding, and such resignation will take effect at the end of such thirty (30) days or upon the eazlier appointment of a successor Registrar and Paying Agent by the City. Any such notice to the City may be served personally or sent by certified mail. The Registraz and Paying Agent may also be removed at any time as Registraz and Paying Agent by the City, in which event the City may appoint a successor Registrar and Paying -6- :ODMA\PCDOCS\SBDOCS 1 \ 14947\3