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<br />C;:m:;<::;a::.ce of notÏ= =d 06= ~='.:::ic.&ioD.5 by DTC to I{.r~t P:..;-,jci~ts, by Dir~t ?ar..:::~ts to :i:::¿:¡'~t ?a:-..:,;i~ts,
<br />and by DL:-~t P2.,,-cici~ts =d b¿:¡'~t ?ar..icipan1:3 to Be-...~:ïcial o.=.ùcr3 ""ill be g':J"=~ by =--¡-a¡¡~~.~ts :iü'.c:'.g tt~
<br />subject to ë:l)' 5"-.3.rutory or œgul:.t.::ry r::::.:;.::ir:::ncts :..s may b<: £¡¡ ~ffect frQQ tim~ to ti=~.
<br />Ræ..'":11ption Ilod~ s.h.ill be set to C~ &: Co. If 1= tb.a:1 all of th~ &t1.d3 v.iíl:i.:1 ë:l i$.>~ ar<: be:.¡;g r~,.I~=e:i, DIC's
<br />prude<: is to &~~ by lot th~ =QU.:lt of th~ £¡¡~:::st of =b. Dir~t ?arJci~t Ì¡¡ ill:a i$.>~ to c~ r~d
<br />N~ither DIC Ilor C~ &: Co. ""ill c::.rL~t or vo~ ""ith rò-;:¿ct to th~ Bonds. Ur.~ its ~-d ¡r.--=¿¡::;:s, DIC =ils an
<br />Omnibus Proxy to th~ City :..s soon :..s possible a."t:=r the record da~. T!l~ Omnibus Prox"}' a.s.sig::lS C~ &: Co.'s con=d:lg or
<br />voting rights to thos<: Dire.:t ParJcipants to whos<: accounts th~ Bonds are credit::.d on the record da~ (i~ùiíed in a listing
<br />ar..:!Ched to the Omnibus Prox')').
<br />Principal and inter<:st pa)ments on 6.e Bonds will be ~ to DTC. DTC's pra.ctie<: is to crdit Dire.:t Par.icipants' ~OLUlts
<br />on payabl~ da~ in accordance ""ith 6::ir r~-pc:çtiv~ holdings shown OIl DIC's rec.ords Il.-Ú~s.s DIC has r~ason to bdi~v~ 6at it
<br />""ill not r=ive payment on payabl~ da~. Payments by Par-..icipants to B.::neficial o.=.ùcr3 will be go,,'=ed by st=.:J.ding
<br />instructioc.s and customary pruti~s, as is th~ caS<: ""ith S<:C1l.-ities held for the a..:~O1.!I'.ts of c~""tomcr3 ill bearer fom¡ or
<br />registered in "str~t name," and will be ó.~ respoc.sibility of =h Particip~1.t and not ofDTC, the Payi.1.g Ag~:JR~gistr"..r or t..'1e
<br />City, subjeçt to any statutory or regd:.rory requirements :..s may be in ~rIeçt frOQ tim~ to tim~. Pajm~t of pn.1.cipat and
<br />interest to DTC is the respoc.sibility of the City, disb~ent of such pa)mcts to Dir~t Pa..-cicipants shall be th~
<br />respoc.sibility of DTC, and disbur~ct of such payments to th~ B.::nerlcial Ovincr3 s..'cll be t..'1~ r~-ç<Jnsibility of Direçt and
<br />Indireçt Participants.
<br />DTC may di~ontin~ providing i1:3 Si::",ic<:s :..s s<:cu.-ities d.."?Ository ""itb r~¥ct to th~ Bonds at any tim~ by giving r~<o:ub!~
<br />notie<: to th~ City. Uncia such cirCL:.'"¡lS"~=, in th<: e:vent t¡ut a =s.sor =uriti::s depository is not obtained., Bon6 ar~
<br />required to b<: printed and ddivered.
<br />Tae City raay deçicic: to di=tlti:!u<: us<: of the:: system of éxxJk-entry transtcrs tÞ.rough DTC (or a St:=ssor s<:curÜic:s
<br />d.:::-,..ository). In that <:vent, Bonds \\ill ~ printed and ¿~li verd.
<br />Us<! oj C<!rr.=in Turns in Ocher Sec::or.J oj chis Priva«! ?!.::am¿:r,( .\,{emorar.d:¡m. In r~~iing this Privat<: Pl.1C-.-ment
<br />:&kmoran.:tcrl it should b<: und...ors-.x.d ~e while th~ ßJtlds a:~ in the Boo:(-Entry-Or>Jy Syst=, r~tcrene<:s in otha s<:ctÏons of
<br />this Priva~ Plaœment Mcrnorar:dum to registered 0""11cr3 should b<: read to include: L.'1e:: ~on tòr which the:: Participant
<br />acquires an in~e::st in the Betlds, but (i) all rights of o""11ership mUST be ex::rcis<:d t.'u-ough DTC and t.~~ Book-Entry-Only
<br />Sys~, and (ü) e:xC<:pt as d~s-.-rib<:d aoov~, notie<:s that ar~ to be given to r~gist~e::d 0\\11cr3 under t.'1~ Ordi¡;3.."\C<: ""ill b<: gi"'~n
<br />OW)' to DTC.
<br />Informatioa conc-~rning DTC and th~ 300k-Entry-Ocly Sys>.:= has k:l obtained from DTC and is not gu.:¡.ran~d as to
<br />accuracy or coG1.p!~tz':::!es.s by, a.:::d is not to b<: COtl.:,.-tru.ed :..s a rq¡r~s-.->:ltation by th~ City, tÞ.~ Financ¡~ Advisor or th~
<br />Un¿t:r\\TIters.
<br />Pa:,ing .-\.g~nt1RegiStrar
<br />T¡¡~ i.¡'Ùti~ Paying AgencJR~gistrar is T::xas Co=::rœ Bank };'ational .-\ss=iatiotl (th~ 'Paying AgencJR::gist:'ar'). Inc.:=-:est on
<br />and principal of the Boads ""ill b<: payable::, and trarl5fer functioc.s ~ill Cè p<=rform~d at t.i.e cor;>()ra~ tr'J,st 06.:<: of th~ initi~
<br />Paling AgæcJR~gis>.:..-c.r in Dall:..s, T~X2.S (th:: '~si?2-t::.d Pay~c¡¡tlTr'~f::r Offic<:') 3.."\d, in tb.~ = of a ==r ?ayi.'1g
<br />Agæ:JR~gisr:-ar, at =b. location as -æ2Y b<: cL->sig:I1.3.~d by such su=s.sor. Ta~ District COVt:"..2..'1ts to mainta:':l and pro"i¿~ a
<br />PayÍI:lg Age:l:JR~gistr>..r whil~ th~ Bond.:! ar~ outstandir.g. In tb.~ OrdinE.lle<:, t.'1e City re:uÎns tb.e right to r::;¡lace th<: ?a¡ing
<br />Agl:':\cJR::gistrar. Ta~ City CO"'t:"..E.llts to rnaint.ai.a and provie!<: a Paying Agl:':\cJR::gistr~ ae ill times whi!~ the Bocds ar<:
<br />outstanding and any St:=sor Paying .-\gencJR~gistrar shall b<: a commacial bank or trust compa;:¡y org3llÍZ.::d llllØ th~ !av.;¡ of
<br />t.i.~ State: ofT~:as or otha entity ¿:lly q"~I;fied and legally authorized to s--rv~ as 3..1.d PÇ11ãrm t1'.:: duti~s and s.::Tvi= of?a)ing
<br />Agl:':\tlRegi5".:rar fur t.i.~ Bonds. U¡:.on a.1.Y chang~ in the Pa)1.::.g Agl:':\t/R~gistrar for th~ Bonds, th~ City agr~s to proa:ptly
<br />caus<: a wric-.:.:::J. tlotie<: thereof to be s--::¡t to =h r~giste-;d ov.:¡er of th~ Bonds by United Sut::s mcil, first class, postag~
<br />pr::;¡aid, ",,-;ilca notice sbll also gi ,,'~ ili~ aclC.ress of th~ new PayÍI:lg Agent/R::gistrar.
<br />Tr:lnsfer, EIchange :md R~iseraeion
<br />In tb.~ e:vent th~ Book.Entry-Ocly Sys:= should be di~onti.1.u~d, tÞ.~ Bonds r:..:¡y bo:: tr=.s(a-.~d and <:xc~g::d 0.'1 t..1~
<br />œgistration è~ks of th~ PayÍI:lg A.g~v¡~::gis::r..r ooly up<Jn t.1~ir pr<:s=u:lon 3..'1d 5crr.::J.¿a to t.':~ Pa~ing Agenr/R~g.iS"~-c.r ar.d
<br />such tr=.¡lS¡"a or ~xchange shall be ",i:.":out c:-..-¡x= or s.::rv1e<: cro.rg~ to t.i.e n:gis¡~r~d Ov.11::-:, e:xccpt for any ta.:< or otha
<br />gov::mmental charg~s r~quired to be ;:aid ""ith re.sp<:ct to such rqistratiorl, ::xchange: ar.d tra.'1S:"a. A Bond r..2y bo:: assig;;::d by
<br />t.i.e ~x<:cutio!l of an a.s.signml:':\t fur;:::¡ on th~ Bond or by ot.1er L."b"'tr\4-nent of C¡';)"'1St-::-: a.-:¿ assig::.-nl:':\t accq¡iE.bk to t.i.~ Pa¡ing
<br />AgentlR~gistrar. A new Bond or Bonds will è~ ddi ,,'::-:ed by tb.e Paling Agl:':\tIR~giS".rar, in ¡i::u of t.~~ Bond be:.ng t..-a.'1Sfa-.~d
<br />or ~xch.a."\g~d, at t.1~ principal ofIiœ 0(,,"::: ?aling Age:ltJR~gis::r..r, or s<'>;1t by Unied St.:lt::s rr.2Îl, fust class, pos~e pr::;¡aid, to
<br />t..i.~ n<:W r~gisrered O""11a or his ¿es¡g;;~. To th~ ~X".:.:::J.t pos.sib[~, n~w Bands iss1.:d in an ::xch.:!ng:: or tra.'1S:::r of Bon6 ""ill
<br />be ddi..::rd to th~ registered O""11a or ~i~~ oft.1~ re:gistad ov.11er in cot mor~ t.".a:1 t.'u-~~ bu.si:-.~ss days af'~ t.i.~ r=ipt of
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