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8D Consent 2007 0416
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8D Consent 2007 0416
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Last modified
5/4/2007 12:38:04 PM
Creation date
4/12/2007 12:16:32 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
4/16/2007
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PERM
Document Relationships
_CC Agenda 2007 0416
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2007\Packet 2007 0416
PFA Reso 2007-002
(Reference)
Path:
\City Clerk\City Council\Resolutions\2007
Reso 2007-053
(Reference)
Path:
\City Clerk\City Council\Resolutions\2007
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<br />"EMCC", also subsidiaries of DTCC), as well as by the New York Stock Exchange, Inc., the <br />American Stock Exchange LLC, and the National Association of Securities Dealers, Inc. Access, <br />to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers <br />and dealers, banks, trust companies, and clearing corporations that clear through or maintain a <br />custodial relationship with a Direct Participant, either directly or indirectly ("Indirect <br />Participants"). DTC has Standard & Poor's highest rating: AAA. The DTC Rules applicable to its <br />Participants are on file with the Securities and Exchange Commission. More information about <br />DTC can be found at www.dtcc.com. <br /> <br />Book-Entry Only System. Purchases of the Certificates under the DTC system must <br />be made by or through Direct Participants, which will receive a credit for the Certificates on <br />DTC's records. The ownership interest of each actual purchaser of each Security ("Beneficial <br />Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial <br />Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, <br />however, expected to receive written confirmations providing details of the transaction, as well <br />as periodic statements of their holdings, from the Direct or Indirect Participant through which the <br />Beneficial Owner entered into the transaction. Transfers of ownership interests in the <br />Certificates are to be accomplished by entries made on the books of Direct and Indirect <br />Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive <br />certificates representing their ownership interests in the Certificates, except in the event that use <br />of the book-entry system for the Certificates is discontinued. <br /> <br />To facilitate subsequent transfers, all Certificates deposited by Direct Participants with <br />DTC are registered in the name of DTC's partnership nominee, Cede & Co., or such other name <br />as may be requested by an authorized representative of DTC. The deposit of the Certificates <br />with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not <br />effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial <br />Owners of the Certificates; DTC's records reflect only the identity of the Direct Participants to <br />whose accounts such Certificates are credited, which mayor may not be the Beneficial Owners. <br />The Direct and Indirect Participants will remain responsible for keeping account of their holdings <br />on behalf of their customers. <br /> <br />Conveyance of notices and other communications by DTC to Direct Participants, by <br />Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to <br />Beneficial Owners will be governed by arrangements among them, subject to any statutory or <br />regulatory requirements as may be in effect from time to time. Beneficial Owners of the <br />Certificates may wish to take certain steps to augment the transmission to them of notices of <br />significant events with respect to the Certificates, such as redemptions, tenders, defaults, and <br />proposed amendments to the Security documents. For example, Beneficial Owners of the <br />Certificates may wish to ascertain that the nominee holding the Certificates for their benefit has <br />agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial <br />Owners may wish to provide their names and addresses to the registrar and request that copies <br />of notices be provided directly to them. <br /> <br />Redemption notices will be sent to DTC. If less than all of the Certificates within an <br />issue are being redeemed, DTC's practice is to determine by lot the amount of the interest of <br />each Direct Participant in such issue to be redeemed. <br /> <br />Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with <br />respect to the Certificates unless authorized by a Direct Participant in accordance with DTC's <br />Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the issuer as soon as <br /> <br />H-2 <br />
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