HomeMy WebLinkAboutC.054.93009_0085 (2)APR e, „ 'no� 070
1995
$325,000
3.40$
1996
$340,000
3.80%
1997
$350,000
4.10%
1998
$365,000
4.40&
1999
$380,000
4.60%
2000
$400,000
4.70$
2001
$415,000
4.90%
2002
$440,000
5.00%
2003
$460,000
5.00$
Interest on the Series 1993 Bonds shall be calculated on the
basis of a 360 -day year consisting of 12 months of 30 days each and
shall be payable to the Owners by check mailed to their respective
addresses as set forth in the registration books maintained by the
Bond Registrar; provided, however, that for so long as the owner is
a Securities Depository Nominee, interest on the Series 1993 Bonds
shall be payable pursuant to the book -entry system as provided in
the Order and in the Series Resolution.
The Series 1993 Bonds will be delivered by means of a book -
entry system with no physical distribution of definitive bonds made
to the public. One definitive Series 1993 Bond for each maturity
will, however, be delivered to the Depository Trust Company, New
York, New York ("DTC"), as the Securities Depository, and
evidencing ownership of the Series 1993 Bonds in denominations of
$5,000 or any integral multiple thereof, with transfers of
beneficial ownership effected on the records of DTC and its
participants (the "DTC participants") pursuant to rules and
procedures established by DTC.
Each DTC Participant will be credited in the records of DTC
with the amount of such DTC Participants interest in the Series
1993 Bonds. Beneficial ownership interest in the Series 1993 Bonds
may be purchased by or through DTC participants. The holders of
these beneficial ownership interests are hereinafter referred to as
the "Beneficial Owners." The Beneficial Owners will not receive
definitive Series 1993 Bonds. The ownership interests of each
Beneficial Owner will be recorded through the records of the DTC
Participant from which such Beneficial Owner purchased its Series
1993 Bonds. Transfers of ownership interests in the Series 1993
Bonds will be accomplished by book entries made by DTC and, in
turn, by DTC Participants acting on behalf of Beneficial Owners.
For every transfer and exchange of beneficial ownership interest in
the Series 1993 Bonds, the Beneficial Owner may be charged a sum
sufficient to cover any tax, fee or other governmental charge that
may be imposed in relation thereto. SO LONG AS CEDE & CO., AS
NOMINEE FOR DTC, IS THE REGISTERED OWNER OF THE SERIES 1993 BONDS,
THE TRUSTEE SHALL TREAT CEDE & CO. AS THE ONLY OWNER OF THE SERIES
1993 BONDS FOR ALL PURPOSES UNDER THE ORDER, INCLUDING RECEIPT OF
ALL PRINCIPAL AND PREMIUM, IF ANY, AND INTEREST ON THE SERIES 1993
BONDS, RECEIPT OF NOTICES, VOTING AND REQUESTING OR DIRECTING THE
TRUSTEE TO TAKE OR NOT TO TAKE, OR CONSENTING TO, CERTAIN ACTIONS
UNDER THE ORDER.
Payments of principal, interest and premium, if any, with
respect to the Series 1993 Bonds, so long as DTC is the only Owner
of the Series 1993 Bonds will be paid by the Trustee directly to
DTC or its nominee, Cede & Co. DTC will remit such payments to DTC
Participants, and such payments thereafter will be paid by DTC
Participants to the Beneficial Owners. The County and the Trustee
are not and will not be responsible or liable for payment by DTC or
DTC Participants, for sending transaction statements or for
maintaining, supervising or reviewing records maintained by DTC or
DTC Participants.
In the event that (a) DTC determines not to continue to act as
securities depository for the Series 1993 Bonds or (b) the Trustee
or the County determines that the continuation of the book -entry
system of evidence and transfer of ownership of the Series 1993
Bonds would adversely affect the interests of the Beneficial Owners
of the Series 1993 Bonds, the county may discontinue the book -entry
system with DTC. If the County fails to identify another qualified