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July 21, 2003 <br /> <br />Page 194 <br /> <br /> of each year (or other semiannual dates designated by the County Manager or <br /> the Finance Officer in connection with the sale of the Bonds) until payment <br /> of such principal sum. <br /> Notwithstanding the foregoang provisions of this resolution, since <br /> interest rates on a proposed sale date are unpredictable, at any time before <br /> the bonds are awarded, the County Manager or the Finance Officer, <br /> respectively, acting on behalf of the Issuer, may from tame to time defer <br /> sale of all or any portion of the Bonds (including postponement to a later <br /> date, :o a subsequently announced date or indefinitely). <br /> Section 3. Bach Bond shall bear interest from the interest payment <br /> date next preceding the date on which it Ks authentlcaCed unless it is (a) <br /> authenticated upon an interest payment date in which event it shall bear <br /> interest from such interest payment date or (b) authenticated prior to the <br /> first interest payment date in which event it shall bear interest from its <br /> date; provided, however, that if at the time of authentication interest is in <br /> default, such Bond shall bear anterest from the date to which interest has <br /> been paid. <br /> The principal of and the interest and any redemption premium on the <br /> Bonds shall be payable an any coin or currency of the United States of <br /> America which is legal tender for the payment of public and private debts on <br /> the respective dates of payment thereof. <br /> Sec:son 4. The Bonds initially will be issued by means of a book-entry <br /> system with no physical distributaon of Bond certificates to be made except <br /> as hereinafter provided. Initially one fully regis:ered Bond certaficate for <br /> each stated maturity of the Bonds, in the aggregate principal amount of the <br /> Bonds of such stated maturity and registered in the name of the Securities <br /> Depository Nominee (defined below), a nominee of the Securities Depository <br /> (defined below), will be issued and required to be deposited with the <br /> Securities Depository and immobilized in its custody. The book-entry system <br /> of the Securities Depository will evidence positions held in the Bonds by the <br /> Securities Depository's partacipants, with benefacaal ownership of the Bonds <br /> in the principal amount of $5,000 or any whole multiple thereof being <br /> evidenced in the records of such participants. Transfers of benefacial <br /> ownership will be effected on the records of :he Securities Depository and <br /> its participants pursuant to rules and procedures established by the <br /> Securities Depository and its participants. <br /> The Issuer and the Bond Registrar ' will recognize the Securitaes <br />Depository Nominee or the Securities Depository, as the case may be, while <br />the registered owner of Bonds, as the owner of Bonds for all purposes, <br />including payments of principal of, and redemptaon premium, if any, and <br />interest on the Bonds, notices and voting. The principal of and any <br />redemption premium on each Bond shall be payable to the Securities Depository <br />Nominee or any other person appearing on the registration books of the Issuer <br />hereinafter provided for as the registered owner of such Bond or his <br />registered assigns or legal representative at the office of the Bond <br />Registrar mentioned hereinafter or such other place as the Issuer may <br />determine upon the presentation and surrender thereof as the same shall <br />become due and payable. Payment of the interest on each Bond shall be made <br />by the Bond Registrar on each interest payment date to the registered owner <br />of such Bond (or the previous Bond or Bonds evidencing the same debt as that <br />evidenced by such Bond) at the close of business on the record date for such <br />interest, which shall be the 1Sth day (whether or not a business day) of the <br />calendar month next preceding such interest payment date, by check mailed to <br />such person at his address as it appears on such registration books or, <br />during the continuation of the book-entry system, by such other method of <br />payment as the Issuer may de:ermine to be necessary or advisable with the <br />concurrence of the Securities Deposatory. Transfer of principal and interest <br />and any redemption premium payments to participants of the Securaties <br />Depository will be the responsibility of the Securataes Depository, and <br />transfer of principal and interest and any redemptaon premium payments to <br />beneficial owners of the Bonds by particlpan:s of the Securaties Depository <br />will be the responsibility of such particapants and other nominees of such <br />beneficial owners. Such transfers of interest by the Securities Depository <br />and by such participants and other nominees of such beneficial owners may be <br />made to the owners of Bonds shown on their records on a date on or after said <br />record da:e for such interest° pursuant to rules and procedures established <br />by the Securities Depository and its participants. The Issuer and the Bond <br />Registrar will not be responsible or liable for such transfers of payments or <br />for maintaining, supervising or reviewing records maintained by the <br />Securities Depository, its particapants or persons acting through such <br />participants. <br /> In the event that (a) any Securities Depository determines not to <br />continue to act as securities depository for the Bonds or (b) the Finance <br />Officer of the Issuer determines to discontinue the book-entry system with <br />such Securities Depository, the Issuer may identify another qualafied <br />Securities Depository to replace the predecessor Securities Depository and, <br /> <br /> <br />