Agenda 03/23/1999 - Laserfiche WebLink

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i The Notes are hereby authorized to be issued under the City Charter and the Act. The Notes shall bear interest from the date on which they are authenticated. Interest on the Notes shall be computed on the basis of 30-day months and a 360-day year. Principal of, and interest on, the Notes shall be payable in lawful money of the United States of America. Principal of and interest on the Notes shall be payable at the principal office of the Paying Agent upon presentation and surrender of the Notes on the Maturity Date. The Depository Trust Company, New York, New York CDTC") will act as securities depository for the Notes. The ownership of one fully registered Note of each series and maturity will be registered in the name of Cede & Co., as nominee for DTC. Pursuant to the book-entry only system, actual purchasers of the Notes will not receive certificated Notes and will not be the registered owners thereof on the registration books held by the Registrar. DTC or its nominee, and any successor securities depository, for all purposes under the Ordinance, wilt be considered to be the owner or Holder of the Notes. Ownership interest in the Notes of purchasers who are not DTC Participants may be purchased by or through DTC Participants. Each DTC Participant will receive a credit balance in the records of DTC in the amount of such DTC Participant's interest in the Notes, which will be confirmed in accordance with DTC's standard procedures. Any purchaser for whom a DTC Participant acquires an interest may desire to make arrangements with such DTC Participant to receive a credit balance in the records of DTC in the amount of such DTC Participant's interest in the Notes, which will be confirmed in accordance with DTC's standard procedures and may desire to make arrangements with such DTC Participant to have all notices of redemption or mandatory tender or other communications to DTC, which may affect such persons, or notification of all interest payments, forwarded in writing by such DTC Participant. Receipt by the Beneficial Owners (through any DTC Participant) of timely payment of principal and interest on the Notes, is subject to continuing ability of DTC or Cede & Co., as its nominee, to make such payment. NEITHER THE CITY NOR THE REGISTRAR WILL HAVE ANY RESPONSIBILITY OR OBLIGATION TO SUCH DTC PARTICIPANTS OR THE PERSONS FOR WHOM THEY ACT AS NOMINEES WITH RESPECT TO THE NOTES. For the purposes of this Section, the term "Beneficial Owner" is defined to include the person for whom the DTC Participant acquires an interest in the Notes. DTC will receive payments from the City to be remitted to DTC Participants for subsequent disbursement to the Beneficial Owners. The ownership interest of each Beneficial Owner in the Notes will be recorded on the records of DTC Participants, and the ownership interests of the DTC Participants will be recorded on a computerized book-entry system operated by DTC. When notices are given, including all notices of redemption, they shall be sent by the Registrar to DTC with a request that DTC forward (or cause to be forwarded) the notices to the Beneficial Owners. 4