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July 21, 2003 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 foregoing 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 time to time defer <br />sale of all or any portion of the Bonds (including postponement to a later <br />date, to a subsequently announced date or indefinitely). <br /> Section 3. Each Bond shall bear interest from the interest payment <br />date next preceding the date on which it is authenticated 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 interest 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 in 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 /> Section 4. The Bonds initially will be issued by means of a book-entry <br />system with no physical distribution of Bond certificates to be made except <br />as hereinafter provided. Initially one fully registered Bond certificate 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 participants, with beneficial 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 beneficial <br />ownership will be effected on the records of the 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 Securities <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 principa! of, and redemption 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 15th 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 determine to be necessary or advisable with the <br />concurrence of the Securities Depository. Transfer of principal and interest <br />and any redemption premium payments to participants of the Securities <br />Depository will be the responsibility of the Securities Depository, and <br />transfer of principal and interest and any redemption premium payments to <br />beneficial owners of the Bonds by participants of the Securities Depository <br />will be the responsibility of such participants 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 date 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 participants 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 qualified <br />Securities Depository to replace the predecessor Securities Depository and, <br /> <br /> <br />