AgdaPkt 2003-07-28 - Laserfiche WebLink

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3.429 Conveyances of notices and other communications by DTC to DTC Participants, by DTC Participants to Indirect Participants, and by DTC Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory and regulatory requirements as nm y be in effect from time to time. Redemption notices and all other notices to Bondowners shall be sent only to Cede & Co., as registered owner of the Bonds. If less than all of the Bonds within an issue are being redeemed, DTC's practice is to determine by lot the amount of the interest of each DTC Participant in such issue to be redeemed. Neither DTC nor Cede & Co. will consent to vote with respect to the Bonds. Under its usual procedures, DTC malls an Omnibus Proxy to the issuer of the Bonds as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those DTC Participants to whose accounts the Securities are credited on the record date (identified in a listing attached to the Omnibus Proxy). Principal and interest payments on the Bonds will be made solely to DTC or its nominee, Cede & Co., as registered owner of the Bonds. Upon receipt of monies, DTC's current practice is to immediately credit the accounts of the DTC Participants in accordance with their respective holdings shown on the records of DTC. Payments by DTC Participants and Indirect Participants to Beneficial Owners will be governed by standing rules and regulations governing municipal securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such DTC Participant or Indirect Participant and not of DTC. the Fiscal Agent or the District, subject to any statutory and regulatory requirements as may be in effect from time to time. The District, the City, the Underwriter and the Fiscal Agent do not have any responsibility or obligation to DTC Participants, to the persons for whom they act as nominees, to Beneficial Owners, or to any other person who is not shown on the registration books as being an owner of the Bonds, with respect to (i) the accuracy of any records maintained by DTC or any DTC Participants: (ll) the payment by DTC or any DTC Participant of any amount in respect of the principal of, redemption price of or interest on the Bonds: (111) the delivery of any notice which is permitted or required to be given to registered owners under the Fiscal Agent Agreement: (iv) the selection by DTC or any DTC Participant of any person to receive payment in the event of a partial redemption of the Bonds: (v) any consent given or other action taken by DTC as registered owner, or (vi) any other matter arising with respect to the Bonds or the Fiscal Agent Agreement. The District, the City, the Underwriter and the Fiscal Agent cannot and do not give any assurances that DTC Participants or others will distribute payments of principal of or interest on the Bonds paid to DTC or its nominee, as the registered owner, or any notices to the Beneficial Owners or that they will do so on a timely basis or will serve and act in a manner described in this Official Statement. The District and the Fiscal Agent are not responsible or liable for the failure of DTC or any DTC Participant to make any payment or give any notice to a Beneficial Owner in respect to the Bonds or any error or delay relating thereto. Discontinuance of DTC Services. In the event that (a) DTC determines not to continue to act as securities depository for the Bonds, or (b) the District determines that DTC shall no longer so act and delivers a written certificate to the Fiscal Agent to that effect, then the District will discontinue the Book -Entry System with DTC for the Bonds. If the District determines to replace DTC with another qualified securities depository, the District will prepare or direct the preparation of a new single separate, fully registered Bond for each maturity of the Bonds registered in the name of such successor or substitute securities depository as are not inconsistent with the terms of the Fiscal Agent Agreement If the District fails to identify another qualified securities depository to replace the incumbent securities depository for the Bonds, then the Bonds shall no longer be restricted to being registered in the Bond registration books in the name of the incumbent securities depository or its nominee, but shall be registered in whatever name or names the Incumbent securities depository or its nominee or exchanging the Bonds shall designate. _12-