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10A Action 2008 0602 Attach - Preliminary Official Statement
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10A Action 2008 0602 Attach - Preliminary Official Statement
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
6/2/2008
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10A Action 2008 0602
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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 />Book-Entry Only System. Purchases of the Bonds under the DTC system must be <br />made by or through Direct Participants, which will receive a credit for the Bonds on DTC's <br />records. The ownership interest of each actual purchaser of each Security ("Beneficial Owner") <br />is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will <br />not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, <br />expected to receive written confirmations providing details of the transaction, as well as periodic <br />statements of their holdings, from the Direct or Indirect Participant through which the Beneficial <br />Owner entered into the transaction. Transfers of ownership interests in the Bonds are to be <br />accomplished by entries made on the books of Direct and Indirect Participants acting on behalf <br />of Beneficial Owners. Beneficial Owners will not receive certificates representing their <br />ownership interests in the Bonds, except in the event that use of the book-entry system for the <br />Bonds is discontinued. <br />To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC <br />are registered in the name of DTC's partnership nominee, Cede & Co., or such other name as <br />may be requested by an authorized representative of DTC. The deposit of the Bonds with DTC <br />and their registration in the name of Cede & Co. or such other DTC nominee do not effect any <br />change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the <br />Bonds; DTC's records reflect only the identity of the Direct Participants to whose accounts such <br />Bonds are credited, which may or may not be the Beneficial Owners. The Direct and Indirect <br />Participants will remain responsible for keeping account of their holdings on behalf of their <br />customers. <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 Bonds <br />may wish to take certain steps to augment the transmission to them of notices of significant <br />events with respect to the Bonds, such as redemptions, tenders, defaults, and proposed <br />amendments to the Security documents. For example, Beneficial Owners of the Bonds may <br />wish to ascertain that the nominee holding the Bonds for their benefit has agreed to obtain and <br />transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide <br />their names and addresses to the registrar and request that copies of notices be provided <br />directly to them. <br />Redemption notices shall be sent to DTC. If less than all of the Bonds within an issue <br />are being redeemed, DTC's practice is to determine by lot the amount of the interest of each <br />Direct Participant in such issue to be redeemed. <br />Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with <br />respect to the Bonds 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 />possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting <br />G-2 <br />
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