Laserfiche WebLink
<br /> E–2 <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 Bonds with DTC and <br />their registration in the name of Cede & Co. or such other DTC nominee do not affect 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 Bonds may <br />wish to take certain steps to augment the transmission to them of notices of significant events <br />with respect to the Bonds, such as redemptions, tenders, defaults and proposed amendments to <br />the Bond documents. For example, Beneficial Owners of Bonds may wish to ascertain that the <br />nominee holding the Bonds for their benefit has agreed to obtain and transmit notices to <br />Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and <br />addresses to the registrar and request that copies of the notices be provided directly to them. <br />While the Bonds are in the book–entry–only system, redemption notices will be sent to <br />DTC. If less than all of the Bonds of a maturity are being redeemed, DTC’s practice is to <br />determine by lot the amount of the interest of each Direct Participant in such issue to be <br />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 MMI <br />Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the Authority as soon <br />as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or <br />voting rights to those Direct Participants to whose accounts the Bonds are credited on the <br />record date (identified in a listing attached to the Omnibus Proxy). <br />Principal and interest payments on the Bonds will be made to Cede & Co., or such other <br />nominee as may be requested by an authorized representative of DTC. DTC’s practice is to <br />credit Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail <br />information from the Authority or the Trustee on the payable date in accordance with their <br />respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners <br />will be governed by standing instructions and customary practices, as is the case with securities <br />held for the accounts of customers in bearer form or registered in “street name,” and will be the <br />responsibility of such Participant and not of DTC, the Trustee or the Authority, subject to any <br />statutory or regulatory requirements as may be in effect from time to time. Payment of principal <br />and interest payments to Cede & Co. (or such other nominee as may be requested by an <br />authorized representative of DTC) is the responsibility of the Authority or the Trustee, <br />disbursement of such payments to Direct Participants will be the responsibility of DTC, and <br />disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and <br />Indirect Participants. <br />DTC may discontinue providing its services as depository with respect to the Bonds at <br />any time by giving reasonable notice to the Authority or the Trustee. Under such