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<br />AÒ:iitian2.1 3;¡n.:..s sh.ill. be issu::d '.!:ll~ ill c.:mè.itiaIlS æ:c t:=n:ils S".2.,::d Ì1.:1 th~ OrdL.-:=~ U\'~ ~ =~t. S~ 'Dë3T
<br />n-."FO.:t.\'í.-\TION - Sd~t::d Pro..isi:ms oftb.~ Or.-1;1'"O"':'::':
<br />Defeasance
<br />Th~ Ordin.a:J.ce pro..i~s 6.a.t any 3ûnd ""ill be d=::d paid and shEll no loo.g~ c~ coIlSi~¿ :0 be O¡;:S"..:.::~ ""i:=.in tb.~
<br />m::.aning of th~ Orcli.nance when palwent of p!Ì..:lcipal of and Últcr~st on such Baad to its S".2.:::d mar..:..-::y ~ c~ "-'o"~ or
<br />pro..-ickd !òr. Palwent may be pro\i~ ròr by d.."?Osit of any combination of (l) mon~y Ì1.:1 an ar;:¡ount 5t:Sc:ent co ~~ s'<.!.ca
<br />pajment and (2) non~abl~ dir~t oblig?tiOIlS of Úl<: Unit::d States of Am::nc.a.. Any suc;:¡ L'70sit G:.t:>. be ce-.J£¿ by an
<br />Ì1.:1d~d..'"'D.t public accountant to be of sc.cb. maruricies and Ì1.:1~~st pajment Cat;:.) and bear sc.cb. Ì1.:1tcre::.ë !S ""ill be suLEcient CO
<br />ID..a.ke the palmet to be pro..ided for on the Bonds.
<br />Default and Remedies
<br />If the City defaulcs Ì1.:1 the pajment of th~ principal of or Ì1.:1~~. on any of the Bands v.-nen c~, or ~fau.lC3 :.a the ob~..a..'1':':: or
<br />p<:rIÒrIDa.'1ce of any of the COVena:J.c3, condicioIlS or obligatioIlS set !ò,cÍl in the Ordio.ance, any registered o""::~ of 111e 3ûnò or
<br />an autho~ repr~s---:J.tative of su.c:b. owner is attid::d to pr=d ag~-c the City for 111e P!.!.r,-oJse of pro,=.:::i:lg and cforcing
<br />the rights of the regis-.:e:red 0""1ler3 of the Bonò, by v.rit ofma:J.d.amus or other StÙt, action or s-;.ç:;ial prc--~":ng in ~~cy or at
<br />law, in any court of com~bt jurisd.iction , for any relief pencitt::d by law, including speciiic F<1LÒrman~, or to enjot:!. any act
<br />or thing that may be unlawful or in violation of any owner of the Bonds unckr the Ordinan.:.::. All sue:. ;:rQo-~~di.ngs must be
<br />institut<:d and maintain::d for the eqt:al b<::1~fit of ill 0""'D,er3 ofBonò the outstanding.
<br />Unckr T~:<as law, no juclg:ment obcain::d against the City may be enforced by direct levy'a::c execu:ic:J. agÚnst t.':e City's
<br />prop<:rty. Further, the registered OW:l~S of the Bonds may not th=lv~s foreclose on ta.:obl~ pro~' ""ithin t.'::~ City to
<br />coUect any unpaid tax~s to pay th.~ principal of and ÏD.t~~st 0[1 th~ Bonds. Tn~ e¡¡,[or=bility of th.~ righ:s =.r.d r~m~¿;~s of LJ.¡~
<br />r~gistered O\\'D,e-.s of th~ Bonds IT'..3y bo:= fu,.-úl~ lim.i:::d by laws rdaúng to ban..'cruptcy. reorganiution, or OL1~ sÌ.ruilë.: laws of
<br />general appliw.tion affecting the ripC3 of creditors of politid subdivisions such as th:= City. S~o::cific.illy. .::;.-ing the ;:~;-.dency
<br />of a bankruptcy pro.::-=ling, the rem¿y for mandamus may not be available unI~s.s aut.horiz~d b:: the ba.:1..'c:::;;ccy judge.
<br />:&3ok-Eatry-Oaly System
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<br />The ~ository Trust Company ('DTC'), N:=w York. New York. ""ill act as =uriti~s d::-positer! for 111:= 3;¡nds. T::~ Bonds
<br />""ill be i~d as fulij'-registered securit.i~s r:::gistered in tho:: name of Cd.,: &: ço. COTC's par~~ship r..:::'.Ì....:=e). 0.::= funy-
<br />register~d cerJ.riw.te ""ill be issued for =n rr:.;!c--:ncy of the Bonds in th~ aggregat~ prir,cipal a..'TIou.nt of St::;" IT'..3t.U.rity, a.....d wiU
<br />be d:=posited ""ith DTC.
<br />DTC is a limited-purpose trust CO!I'.~y orgaWzd uncL..o-r the N~w York Ban:.'<i.ng Law, a 'b.a=:..'<i..:lg org~-:7"tion" \l,Ü'::.i..'1 t.'1::
<br />mea.ni.ng of 111e New York Banking Law, a mcrnb<:r of the F ¿.oral ReS<.T:e Syst::m.., a "cle:ifÍ.ng ca.-;:or:ltion" ""it.1.in the :::~.:..:li....g
<br />of the New York Uni¡òrm Commercial Coce, and a "clearing agency" r:::gistered pursuant to L1~ provisio¡-'s of SectiO:l 17A of
<br />the Securiti:=s Exchange Act of 19~. DTC holò =urities ù'lat its par-icipancs ('Direct Partici¡:¡ancs') ¿::-;OOStt ""iò DTC.
<br />DTC also facilit..:!tes L1~ set.tlemot a:r:ong Participa::lC3 of =urities t.r>...n..~.ctions, such as tr:l..'1Sf~s a."1d pk¿ges. i.rl &,..osited
<br />s<:curities throu.gh dectronic com¡:¡uzized bcoJk-otry changes in ParÜcipancs' accounCS, th~eby eli=¿.::ati.:lg the :::=ed !()r
<br />physic:al movement of =urities cerJiicaú::s.. Direct Participa:lts ÏD.clude =uriti~s brokers and ¿~las, ~-_G, trust C<J:::¡:¡a..'1Îes,
<br />daring corporatioas, a..'ld certain oòer organizatioc.s. DTC is oy,.-ned by a auri}!xr of its Dir~t Panici:;;a....ts and by ~~ New
<br />York Stock Excha:lge, Inc., the Am::r1C.?:l Stock Exchange. Inc.., and the Nation:ù A=iation of S~urities D--...:.le-.s, ll:c. .-\c.c~ss
<br />to the DTC sysú::';;J. is also available CO others sucl1 as securities brokers and de.:t!ers, œn..'G, a....d trust ç.::r::panies ï.::.1t cle..ar
<br />through or maintain a cl!.>.odial relatio:lSbip \l,ith a IFúect Participant, ei~~ directly or ÏD.¿ir:::ctly ('in¿i.r~t ?~-icipa:l:S'). Tr,e
<br />Rules applic.:J.bl~ to DTC a.'1d its Pa.r.icipancs are 011 We ""ith the Securities and Exc!u."1g:: Corr.r-'.Jssioll.
<br />Purch.!!.S<:s of Bonds under the DTC sys:= must boo: r::ud.e by or through Di.r:::ct Participants, wruÒ ""ill r::--....ei v~ a cre6¡ for the:
<br />Bonds on DTC's records. The O""'D,ersrup ÏD.~est of =11 accual purchasë:r of =h Bond ('Beneficial ov.::¿) is t:!. t'--:! to boo:
<br />r~or¿.,:d 011 t.1~ Direct and Indirect Pa.rJcioa.'lts' records. Beneticial Ov.TIe-.s ""ill not r~c::ive wri~en cortti,"'¡";'..3tion rrOr:l DTC of
<br />th~ir purchas.:::. but Benericial Ov.TIers ar~ ~x~t::d to r=ive wric-.:en coo..tîrr::utions providing ¿e~¡Is of ..'1e t.-:L'1S:lCticn, as wdl
<br />as ¡xriodic stat.e-.r1¿CS of their hol(F~::<. from t!le Dir:::ct or bc!ir~çt Panicipant L'u'ough wruÒ t.'1e B=:::i:ial O""TI~ :::Jt::rd
<br />into Üle Cra.'l.S.l.::.ioa. Tra.'1Sfers of o\l,::ersru" interest in L'1e Bonds are to boo: accomplishc::d by ::nt...-ies rr~e: on t.'1e t..:.oKs of
<br />Par...icipancs acting on b.::h:ùf of Bodicial Ov.llers. Beneticta! Ov.TIer3 ""ill not recei\'c: catific.:n~ r==?r::::scti.:!g their
<br />o""llersrup iatero::sts in the Bonds, exc..'";Jt in the c:vot c..'1at ~ of the b.ook~try syst= tàr L'1e Bonds is dis..:cn:im.:ed.
<br />To facilitate S"Jb:><:queTIt transf~s, all Bonds L?sit.;:d by Direct Participa."1ts wic.ì. DTC are rqist:=-.d t:!. Ùe Ila.71e of DTC' s
<br />partn~srup nom.inee, Cede &. Co. T.ie ¿e:.<JsÏt of Bonò \l,ith DTC and t.ì.:=ir regtstr-tion Úl1l1e na.71e of Co::¿e &. Co.. c:Iect no
<br />Òa.'lge ÏD. k.ericial o\l,ll~ship. DTC b..as no bow!~~ of the act.u.ïl Bodicial Ov.'D,ers of the Bonds; DTe's recor:.s ret1ect
<br />only the identicy of the Direct Par..ici?'!..'lcs to who$.:: =unCS such Bonò are credited, which mayor nuy ¡:ot t.e the 3e-.¿icia!
<br />Ov.llers. TIle Par...icipancs ""ill ranai:1.::S?<Jnsibk for keepi..'1g =aunt of their hol¿i.'1gs on beb!f of 111~ir C:.:..s:;¡¡:lers.
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