8. Principal and interest payments with respect to the Bonds will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DT C. DTC’s practice is to credit Direct Participants’ accounts upon DTC ’s receipt of funds and corresponding detail information from the Trustee, on payable dates in accordance with their respective holdings shown on DTC ’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in ―street name, ‖ and will be the responsibility of such Participant and not of DTC, the Authority, the City or the Trustee, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of principal and interest to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the Authority, the City or the Trustee, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.
9. DTC may discontinue providing its services as depository with respect to the Bonds at any time by giving reasonable notice to the Authority or the Trustee. Under such circumstances, in the event that a successor depository is not obtained, Bond certificates are required to be printed and delivered.
10. The Authority may decide to discontinue use of the system of book-entry transfers through DTC (or a successor securities depository). In that event, Bond certificates will be printed and delivered. 228
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11. The information in this section concerning DTC and DTC ’s book -entry system has been obtained from sources that the Authority and the City believe to be reliable, but the Authority and the City take no responsibility for the accuracy thereof.
The foregoing description of the procedures and record keeping with respect to beneficial ownership interests in the Bonds, payment of principal of and interest and other payments with respect to the Bonds to Direct Parti cipants, Indirect Participants or Beneficial Owners, confirmation and transfer of beneficial ownership interest in such Bonds and other related transactions by and between DTC, the Direct Participants, the Indirect Participants and the Beneficial Owners is based solely on information provided by DTC.
Accordingly, no representations can be made concerning these matters and neither the Direct Participants, the Indirect Participants nor the Beneficial Owners should rely on the foregoing information with respe ct to such matters but should instead confirm the same with DTC or the Participants, as the case may be.
In the event that the book -entry system is discontinued as described above, the requirements of the Indenture will apply.
THE TRUSTEE, AS LONG AS A BOOK -ENTRY ONLY SYSTEM IS USED FOR THE BONDS, WILL SEND ANY NOTICE OF REDEMPTION OR OTH ER NOTICES TO OWNERS TO ONLY DTC.
ANY FAILURE OF DTC T O ADVISE ANY DTC PAR TICIPANT, OR OF ANY DTC PARTICIPANT TO
NOTIFY ANY BENEFICIAL OWNER , OF ANY NOTICE AND ITS CONTENT OR EFFEC T WILL NOT
AFFECT THE VALIDITY OR SUFFICIENCY OF TH E PROCEEDINGS RELATI NG TO THE
REDEMPTION OF THE BONDS CALLED FOR REDEMPTIO N OR OF ANY OTHER AC TION PREMISED ON SUCH NOTICE.
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APPENDIX G
SPECIMEN MUNICIPAL BOND INSURANCE POLICY
]TBD]
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