PRILIMINARY OFFIC STATEMENT 11-15-2001 44.

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Under such circumstances,in the event that a successor securities depository is not obtained, physical Series 2001 Bonds are required to be printed and delivered. Further,the Borrower may decide to discontinue use of the system of book-entry transfers through DTC (or a successor securities depository). In that event, physical Series 2001 Bonds will be printed and delivered. The foregoing description concerning DTC and DTC's book-entry system is based solely on information provided by DTC, and neither the City, the Borrower nor the Underwriter takes responsibility for the accuracy thereof and no representation is made herein as to the accuracy or completeness of such information. The City, the Borrower and the Trustee cannot and do not give any assurances that DTC, DTC Participants, Direct Participants or Indirect Participants will distribute to the Beneficial Owners(i)payments of interest,principal or premium,if any,with respect to the Series 2001 Bonds,(ii)certificates representing ownership interest in or other confirmation of ownership interest in the Series 2001 Bonds, or(iii) redemption or other notices sent to DTC or Cede& Co., its nominee, as the registered owner of the Series 2001 Bonds, or that they will do so on a timely basis or that DTC, DTC Participants, Direct Participants or Indirect Participants will act in the manner described in this Official Statement. The current "Rules" applicable to DTC are on file with the Securities and Exchange Commission, and the current"Procedures"of DTC to be followed in dealing with DTC Participants are on file with DTC. BENEFICIAL OWNERS WILL NOT RECEIVE PHYSICAL DELIVERY OF SERIES 2001 BONDS AND WILL NOT BE RECOGNIZED BY THE TRUSTEE AS OWNERS THEREOF, AND BENEFICIAL OWNERS WILL BE PERMITTED TO EXERCISE THE RIGHTS OF OWNERS ONLY INDIRECTLY THROUGH DTC AND THE PARTICIPANTS. Payments Upon Abandonment of Book-Entry Only System In the event that the book-entry-only system described above is no longer used with respect to the Series 2001 Bonds, interest on the Series 2001 Bonds will be payable to the persons whose names appear on the registration books of the Trustee as Holders thereof as of the fifteenth day of the month next preceding an Interest Payment Date (each a "Record Date")by check or draft mailed by first-class mail,postage prepaid,on the Interest Payment Date to such Owner at his or her address as it appears on the registration books. However, at the written request of an Owner of at least $500,000 in aggregate principal amount of Outstanding Series 2001 Bonds filed with the Trustee prior to any Record Date, interest on such Series 2001 Bonds is to be paid to such Owner by wire transfer of immediately available funds to an account in the continental United States designated in such written request. Principal of and redemption premium, if any, are payable upon presentation and surrender of the Series 2001 Bond at the maturity or the prior redemption thereof at the principal corporate trust office of the Trustee.