Laserfiche WebLink
To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are registered in <br /> the name of DTC's partnership nominee, Cede & Co., or such other name as may be requested by an <br /> authorized representative of DTC. The deposit of Bonds with DTC and their registration in the name of <br /> Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no <br /> knowledge of the actual Beneficial Owners of the Bonds; DTC's records reflect only the identity of the <br /> Direct Participants to whose accounts such Bonds are credited, which may or may not be the Beneficial <br /> Owners. The Direct and Indirect Participants will remain responsible for keeping account of their <br /> holdings on behalf of their customers. <br /> Conveyance of notices and other communications by DTC to Direct Participants,by Direct Participants to <br /> Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be <br /> governed by arrangements among them, subject to any statutory or regulatory requirements as may be in <br /> effect from time to time. Beneficial Owners of Bonds may wish to take certain steps to augment the <br /> transmission to them of notices of significant events with respect to the Bonds, such as redemptions, <br /> tenders, defaults, and proposed amendments to the Bond documents. For example,Beneficial Owners of <br /> the Bonds may wish to ascertain that the nominee holding the Bonds for their benefit has agreed to obtain <br /> and 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 directly to them. <br /> Redemption notices shall be sent to DTC. If less than all of the Bonds within a maturity are being <br /> redeemed, DTC's practice is to determine by lot the amount of the interest of each Direct Participant in <br /> such maturity to be redeemed. <br /> Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to the <br /> Bonds unless authorized by a Direct Participant in accordance with DTC's MMI procedures. Under its <br /> usual procedures, DTC mails an Omnibus Proxy to the District as soon as possible after the record date. <br /> The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to <br /> whose accounts the Bonds are credited on the record date (identified in a listing attached to the Omnibus <br /> Proxy). <br /> Redemption proceeds, distributions, and dividend payments on the Bonds will be made to Cede &Co. or <br /> such other 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 information <br /> from the District or its agent on the payable date in accordance with their respective holdings shown on <br /> DTC's records. Payments by Participants to Beneficial Owners will be governed by standing instructions <br /> and customary practices,as is the case with securities held for the accounts of customers in bearer form or <br /> registered in "street name," and will be the responsibility of such Participant and not of DTC or the <br /> District, subject to any statutory or regulatory requirements as may be in effect from time to time. <br /> Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other <br /> nominee as may be requested by an authorized representative of DTC)is the responsibility of the District <br /> or its agent, 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 Indirect <br /> Participants. <br /> DTC may discontinue providing its services as depository with respect to the Bonds at any time by giving <br /> reasonable notice to District or its agent. Under such circumstances, in the event that a successor <br /> depository is not obtained,certificates are required to be printed and delivered. <br /> The District may decide to discontinue use of the system of book-entry-only transfers through DTC (or a <br /> successor securities depository). In that event,certificates will be printed and delivered to DTC. <br /> The information in this section concerning DTC and DTC's book-entry system has been obtained from <br /> sources that the District believes to be reliable, but the District takes no responsibility for the accuracy <br /> thereof. <br /> -4 - <br /> 122 <br />