PRILIMINARY OFFIC STATEMENT 11-15-2001 44.

Home Browse Search

Transfer and Exchange Upon Abandonment of Book-Entry Only System In the event that the book-entry-only system described above is no longer used,upon receipt by the Trustee of the outstanding Series 2001 Bonds, new Series 2001 Bonds are to be authenticated and delivered in such denominations(of$5,000 and multiples thereof)and registered as provided in the Indenture. Thereafter,the registration of any Series 2001 Bond may be transferred upon the registration books by the person in whose name it is registered, in person or by his duly authorized attorney, upon surrender of such Series 2001 Bond for cancellation, accompanied by delivery of a duly executed written instrument of transfer in a form acceptable to the Trustee. The City shall thereupon execute and the Trustee authenticate and deliver to the transferee a new Series 2001 Bond or Series 2001 Bonds of like tenor and aggregate principal amount. Any Series 2001 Bond may be exchanged for an equal aggregate principal amount of Series 2001 Bonds of any authorized denominations at the option of the Owner thereof upon the surrender thereof at the principal corporate trust office of the Trustee. The City and the Trustee will not be required to register any such transfer of or to exchange any Series 2001 Bond after the mailing of notice calling such Series 2001 Bond for redemption has been given or during the 15 days preceding the giving of any notice of redemption. Mutilated, Lost, Destroyed or Stolen Series 2001 Bonds If any mutilated Series 2001 Bond is surrendered to the Trustee, or the Trustee receives evidence to its satisfaction of the destruction,loss or theft of any Series 2001 Bond and there is delivered to the Trustee such security or indemnity as may be required by the Trustee to save the City and the Trustee harmless, then, in the absence of notice to the Trustee that such Series 2001 Bond has been acquired by a bona fide purchaser,the City shall execute and upon the City's request the Trustee shall authenticate and deliver, in exchange for or in lieu of such mutilated,destroyed,lost or stolen Series 2001 Bond,a new Series 2001 Bond of like tenor,principal amount,stated maturity and interest rate,bearing a number not contemporaneously outstanding. In case any such mutilated, destroyed, lost or stolen Series 2001 Bond has become or is about to become due and payable,the Trustee may,instead of issuing a new Series 2001 Bond, pay such Series 2001 Bond. Upon the issuance of any new Series 2001 Bond as described under this section,the Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses(including the fees and expenses of the Trustee, the City and the Borrower) connected therewith. SECURITY FOR THE SERIES 2001 BONDS Limited Obligations; No Pledge of Taxing Authority