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by the Mayor following adoption of this Ordinance but prior to the Closing Date and the Bonds
<br />shall mature on the Maturity Date. The Bonds are subject to redemption prior to maturity at the
<br />option of the Council during the following redemption periods, upon payment of the following
<br />redemption prices (expressing as a percentage of principal amount of Bonds to be redeemed),
<br />plus interest'accrued to the redemption date:
<br />
<br />Redemption Period Redemption
<br />(both dates inclusive) Price
<br />July 15, 2009 to July 14, 2010 102%
<br />July 15, 2010 to July 14, 2011 101%
<br />July 15, 2011 and thereafter 100%
<br />
<br /> The Bonds are hereby authorized to be issued under the City Charter and the Act. The
<br />Bonds shall bear interest from the date on which they are authenticated. Interest on the Bonds
<br />shall be computed on the basis of 30-day months and a 360-day year. Principal of, and interest
<br />on, the Bonds shall be payable in lawful money of the United States of America. Principal of
<br />and interest on the Bonds shall be payable at the principal office of the Paying Agent upon
<br />presentation and surrender of the Bonds on the Maturity Date.
<br />
<br /> The Depository Trust Company, New York, New York ("DTC") will act as securities
<br />depository for the Bonds. The ownership of one fully registered Bond of each series and
<br />maturity will be registered in the name of Cede & Co., as nominee for DTC.
<br />
<br /> Pursuant to the book-entry only system, actual purchasers of the Bonds will not receive
<br />certi~eated Bonds and will not be the registered owners thereof on the registration books held by
<br />the Registrar. DTC or its nominee, and any successor securifies depository, for all purposes
<br />under the Ordinance, will be considered to be the owner or Holder of the Bonds. Ownership
<br />interest in the Bonds of purchasers who are not DTC Participants may be purchased by or
<br />through DTC Participants. Each DTC Participant will receive a credit balance in the records of
<br />DTC in the amount of such DTC Parficipant's interest in the Bonds, which will be confirmed in
<br />accordance with DTC's standard procedures. Any purchaser for whom a DTC Participant
<br />acquires an interest may desire to m~ke arrangements with such DTC Participant to receive a
<br />credit balance in the records of DTC in the amount of such DTC Participant's interest in the
<br />Bonds, which will be confirmed in accordance with DTC's standard procedures and may desire
<br />to make arrangements with such DTC Participant to have all n~tiees of redemption or mandatory
<br />!ender or other communications to DTC, which may affect such persons, or notification of all
<br />roterest payments, forwarded in writing by such DTC Participant. Receipt by the Beneficial
<br />Owners (through any DTC Participant) of timely payment of principal and interest on the Bonds,
<br />is subject to continuing ability of DTC or Cede & Co., as its nominee, to make such payment.
<br />NEITHER THE CITY NOR THE REGISTRAR WILL HAVE ANY RESPONSIBILITY OR
<br />OBLIGATION TO SUCH DTC PARTICIPANTS OR THE PERSONS FOR WHOM THEY
<br />ACT AS NOMINEES WITH RESPECT TO THE BONDS. For the purposes of this Section, the
<br />
<br />term "Beneficial Owner" is defined to include the person for whom the DTC Participant acquires
<br />an interest in the Bonds.
<br />
<br /> DTC will receive payments from the City to be remitted to DTC Participants for
<br />subsequent dlsbursement to the Beneficial Owners. The ownership interest of each Beneficial
<br />Owner in the Bonds will be recorded on the records of DTC Participants, and the ownership
<br />interests of the DTC Participants will be recorded on a computefized book-entry system operated
<br />by DTC.
<br />
<br /> When notices are given, including all notices of redemption, they shall be sent by the
<br />Registrar to DTC with a request that DTC forward (or cause to be forwarded) the notices to the
<br />Beneficial Owners.
<br />
<br /> Transfers of ownership interest in the Bonds will be accomplished by book entries made
<br />by DTC and the DTC Participants who act on behalf of the Beneficial Owners. Beneficial
<br />Owners will not receive certificates representing their ownership interest in the Bonds, except as
<br />specifically provided in this Ordinance. Principal of and interest on the Bonds will be paid when
<br />due by the City to DTC, to the DTC Participants and thereafter paid by the DTC Participants to
<br />the Beneficial Owners. For every. transfer and exchange of the Bonds, the Beneficial Owner may
<br />be charged a sum sufficient to cover any tax, fee or other governmental charge that may be
<br />imposed in relation thereto.
<br />
<br /> DTC may determine to discontinue providing its services with respect to the Bonds at any
<br />time by giving notice to the City and discharging its responsibilities with respect thereto under
<br />applicable law. Under such circumstances (if there is no successor securities depository), the
<br />City is obligated to deliver Bond certificates as described in the Ordinance.
<br />
<br /> The City may determine not to continue the system of book-entry transfer through DTC
<br />(or a successor securities depository). 'In such event, Beneficial Owners may elect to receive
<br />Bond certificates as described in this Ordinance, which certificates will be subject to the transfer
<br />and exchange requirements set forth in this Ordinance.
<br />
<br /> The Bonds shall be printed, tithographed or typewritten and shall be substantially in the
<br />. form set forth below, with such appropriate variations, omissions and insertions as are permitted
<br /> or required by this Ordinance, including such variations, insertions and omissions as shall be
<br /> necessary to issue the Bonds under a system of book-entry for recording the ownership and
<br /> transfer of ownership of rights to receive payments of principal of and interest on the Bonds and
<br /> may have endorsed thereon such legends or text as may be necessary or appropriate to conform
<br /> to any applicable rules and regulations of any governmental authority or any usage or
<br /> requirement of law with respect thereto.
<br />
<br /> If any principal of, or interest on, the Bonds is not paid when due (whether at maturity, by
<br />acceleration or call for redemption, or otherwise), then, to the extent permitted by law, the
<br />
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