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<br />Indirect Participants' records. Beneficial Owners will not receive written confirmation .from DTC <br />of their purchase, but Beneficial Owners are expected to receive written confirmations providing <br />details of the transaction, as well as periodic statements of their holdings, from the Direct or <br />Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers <br />of ownership interests in the Securities are to be accomplished by entries made on the books of <br />Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive <br />certificates representing their ownership interests in Securities, except in the event that use of <br />the book entry system for the Securities is discontinued. <br /> <br /> <br />To facilitate subsequent transfers, all Securities deposited by Participants with DTC are <br />registered in the name of DTC's partnership nominee, Cede & Co. or such other name as <br />requested by an authorized representative of DTC. The deposit of Securities with DTC and <br />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 />Securities; DTC's records reflect only the identity of the Direct Participants to whose accounts <br />such Securities are credited, which mayor may not be the Beneficial Owners. The Participants <br />will remain responsible for keeping account of their holdings on behalf of their customers. <br /> <br />Conveyance of notices and other communications by DTC to Direct Participants, by Direct <br />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. <br /> <br />Neither DTC nor Cede & Co. (nor such other DTC nominee) will consent or vote. with respect to <br />Securities. Under its usual procedures, DTC mails an Omnibus Proxy to the City as soon as <br />possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting <br />rights to those Direct Participants to whose accounts the Securities are credited on the record <br />date (identified in a listing attached to the Omnibus Proxy). <br /> <br /> <br />Principal and interest payments on the Securities 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 City or Agent, on payable date in accordance with their respective holdings <br />shown on DTC's records. Payments by Participants to Beneficial Owners will be governed by <br />standing instructions and customary practices, as is the case with securities held for the <br />accounts of customers in bearer form or registered in "street name," and will be the <br />responsibility of such Participant and not of DTC (nor its nominee), Agent, or the City, subject to <br />any statutory or regulatory requirements as may be in effect from time to time. Payment of <br />principal and interest to Cede & Co. (or such other nominee as may be requested by an <br />authorized representative of DTC) is the responsibility of issuer or Agent, disbursement of such <br />payments to Direct Participants is the responsibility of DTC, and disbursement of such <br />payments to the Beneficial Owners is the responsibility of Direct and Indirect Participants. <br /> <br />DTC may discontinue providing its services as securities depository. with respect to the <br />Securities at any time by giving reasonable notice to the City or Agent. Under such <br />circumstances, in the event that a successor securities depository is not obtained, Security <br />certificates are required to be printed and delivered. <br /> <br />The City may decide to discontinue use of the system of book-entry transfers through DTC (or a <br />successor securities depository). In that event, Security certificates will be printed and <br />delivered. <br /> <br />The information in this section concerning DTC and DTC's book-entry system has been <br />obtained from sources that the City believes to be reliable, but the City takes no responsibility <br />for the accuracy thereof. <br /> <br />-3- <br />