RES 08-01 - Laserfiche WebLink

Home Browse Search

(iii) With respect to the Bonds neither the Authority nor the Bond Registrar shall have any responsibility or obligation to any broker, dealer,bank, or any other financial institution for which the Depository holds Bonds as securities depository(the "Participant")or the person for which a Participant holds an interest in the Bonds shown on the books and records of the Participant(the "Beneficial Owner"). Without limiting the immediately preceding sentence,neither the Authority,nor the Bond Registrar, shall have any such responsibility or obligation with respect to(A)the accuracy of the records of the Depository,the Nominee or any Participant with respect to any ownership interest in the Bonds,or(B)the delivery to any Participant, any Owner or any other person, other than the Depository, of any notice with respect to the Bonds,including any notice of redemption, or(C)the payment to any Participant, any Beneficial Owner or any other person,other than the Depository, of any amount with respect to the principal of or premium,if any,or interest on the Bonds, or(D)the consent given or other action taken by the Depository as the Registered Holder of any Bonds(the "Holder"). For purposes of securing the vote or consent of any Holder under this Resolution,the Authority may, however,rely upon an omnibus proxy under which the Depository assigns its consenting or voting rights to certain Participants to whose accounts the Bonds are credited on the record date identified in a listing attached to the omnibus proxy. (iv) The Authority and the Bond Registrar may treat as and deem the Depository to be the absolute owner of the Bonds for the purpose of payment of the principal of and premium, if any, and interest on the Bonds, for the purpose of giving notices of redemption and other matters with respect to the Bonds,for the purpose of obtaining any consent or other action to be taken by Holders for the purpose of registering transfers with respect to such Bonds, and for all purposes whatsoever. The Bond Registrar, as paying agent hereunder, shall pay all principal of and premium, if any, and interest on the Bonds only to the Holder or the Holders of the Bonds as shown on the bond register, and all such payments shall be valid and effective to fully satisfy and discharge the Authority's obligations with respect to the principal of and premium, if any, and interest on the Bonds to the extent of the sum or sums so paid. (v) Upon delivery by the Depository to the Bond Registrar of written notice to the effect that the Depository has determined to substitute a new Nominee in place of the existing Nominee, and subject to the transfer provisions in paragraph 10 (with respect to registration, transfer and exchange)references to the Nominee hereunder shall refer to such new Nominee. (vi) So long as any Bond is registered in the name of a Nominee, all payments with respect to the principal of and premium,if any, and interest on such Bond and all notices with respect to such Bond shall be made and given,respectively,by the Bond Registrar or Authority, as the case may be,to the Depository as provided in the Letter of Representations to the Depository required by the Depository as a condition to its acting as book-entry Depository for the Bonds (said Letter of Representations,together with any replacement thereof or amendment or substitute thereto,including any standard procedures or policies referenced therein or applicable thereto respecting the procedures • and other matters relating to the Depository's role as book-entry Depository for the Bonds, collectively hereinafter referred to as the"Letter of Representations"). 2114906v1 3