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<br /> IDZA~
<br /> to be redeemed shall be selected by the City. If a Bond (or any portion of the principal sum thereot) shall have been called for
<br /> redemption and notice of such redemption shall have been given, such Bond (or the principal amount thereof to be redeemed)
<br /> shall become due and payable on such redemption date and interest thereon shall cease to accrue trom and after the redemption
<br /> date provided funds for the payment of the redemption price and accrued interest thereon are held by the Paying
<br /> AgentlRegistrar on the redemption date.
<br /> Not less than 30 days prior to a redemption date for the Bonds, the City shall cause a notice of redemption to be sent by United
<br /> States mail, first class, postage prepaid, to each registered ovmer of a Bond to be redeemed, in whole or in part, at the address
<br /> of the registered ovmer appearing on the registration books of the Paying AgentlRegistrar at the close of business on the
<br /> business day next preceding the date of mailing such notice. Any notice of redemption so mailed sJ;la1l be conclusively
<br /> - presumed to have been duly given irrespective of whether received by the bondholder.
<br /> Rates
<br /> The City covenants and agrees that it v.ill at all times fix, establish. maintain and collect such rates, charges and fees for the
<br /> use and availability of the System and at all times as are necessary to produce Gross Revenues sufficient (1) to pay all current
<br /> operating and maintenance expenses of the System, and (b) to produce Net Revenues of each Year at least equal to 1.25 times
<br /> the average annual principal and interest requirements of the Bonds and Additional Bonds, and to make all deposits now or
<br /> hereafter required to be made into the Funds created.
<br /> Additional Bond5
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<br /> The City reserved the right to issue additional parity revenue bonds, to be knovm as Additional Bonds, which when issued and
<br /> delivered, shall be payable trom and secured by a first lien on and pledge of the Net Revenues of the System, in the same
<br /> manner and to the same extent as the Bonds and all Additional Bonds shall in all respects be a parity and of equal dignity. The
<br /> additional Bonds may be issued in one or more installments or series, provided, however, that no installment or series of
<br /> Additional Bonds shall be issued llIÙess all conditions and tenus stated in the Ordinance have been met See "DEBT
<br /> INFORMATION - Selected Provisions of the Ordinance".
<br /> Book-Entry-Only System .
<br /> The Depository Trust Company ("DTC"), New York, New York, will act as securities depository for the Bonds. The Bonds
<br /> will be issued as fully-registered securities registered in the name of Cede & Co. (DTC's partnership nominee). One fully-
<br /> registered certificate will be issued for each maturity of the Bonds in the aggregate principal amount of such maturity, and will
<br /> be deposited with DTC. .
<br /> DTC is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the
<br /> meaning of the New York Banking Law, a member of the F ederaI Reserve System, a "clearing corporation" within the meaning
<br /> of the New York Uniform Commercial Code, and a "clearing agency. registered pursuant to the provisions of Section 17 A of
<br /> the Securities Exchange Act of 1934. DTC holds securities that its participants ("Direct Participants") deposit with DTC.
<br /> DTC also facilitates the settlement among Participants of securities transactions, such as transfers and pledges, in deposited
<br /> securities through electronic computerized book...::ntry changes in Participants' accounts, thereby eliminating the need for
<br /> physical movement of securities certificates. Direct Participants include securities brokers and dealers, banks, trust companies,
<br /> clearing corporations, and certain other organizations. DTC is ovmed by a nwnber of its Direct Participants and by the New
<br /> York Stock Exchange, Inc., the American Stock Exchange, Inc., and the National Association of Securities Dealers, Inc. Access
<br /> to the DTC system is also available to others such as securities broker:;¡ and dealers, banks, and trust companies that clear
<br /> through or maintain a custodial relationship with a Direct Participant, either directly or indirectly ("Indirect Participants"). The
<br /> Rules applicable to DTC and its Participants are on file with the Securities and Exchange Commission.
<br /> Purchases of Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the
<br /> Bonds on DTC's records. The ovmership interest of each actual purchaser of each Bond ("Beneficial Owner") is in turn to be
<br /> recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC of
<br /> their purchase, but Beneficial Owners are expected to receive written confirmations providing details of the transaction, as well
<br /> as periodic statements of their holdings, trom the Direct or Indirect Participant through which the Beneficial Owner entered
<br /> into the transaction. Transfers of ovmership interest in the Bonds are to be accomplished by entries made on the books of
<br /> Participants acting on behalf of Beneficial Ov.ners. Beneficial Owners WIll not receive certificates representing their
<br /> ov.nership interests in the Bonds, except in the event that use of the book...::ntry system for the Bonds is discontinued.
<br /> To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are registered in the name of DTC's
<br /> partnership nominee, Cede & Co. The deposit of Bonds with DTC and their registration in the name of Cede & Co. effect no
<br /> change in beneficial ownership. DTC has no knowledge of the actual Beneficial Ov.ners of the Bonds; DTC's records reflect
<br /> omy the identity of the Direct Participants to whose accounts such Bonds are credited, which mayor may not b<: the Beneficial
<br /> Ov.ners. The Participants v.ill remain responsible for keeping account of their holdings on behalf of their customers.
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