10-14-1991 HRA Minutes and Meeting (2)

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Bonds having stated maturities in 2002 and later years will be subject to redemption, at the option of the Authority. whole or in part, and if in part, in Inverse order of maturities and in $5 000 principal amoi :s selected by lot or other manner deemed fair within a maturity, on February 1. 2001 and any interest payment date thereafter at a price equal to the principal amount thereof to be redeemed plus interest acc.-ued to the date of redemption. Interest Payment Dates. Rates Interest will be payable each February 1 and August 1, commencing August 1. 1992. to the registered owners of the Bonds as such appear in the bond register of the close of business on the 15th day (whether or not a business davi of the Immediately preceding month. Interest wiil be computed upon the basis of a twelve 30*dav rnonths and will be rounded pursuant to rules of the MSRB. All Bonds of the same stateo maturity must bear interest from date of Issue until paid at a single, uniform rate, not exceeding the rate specified for Bonds of arw subsequent maturity. Each rate must be express^ in an Integral multiple of 1/8 or 5/100 of 1%. No additional interest certificates will be permitted. Book Entry Format The Bonds will bo registered in the name of Cede & Co., as nominee for The Depository Trust Company (DTC), New York. New York. DTC will act as securities depository for The Bonds, and will be responsible for maintaining a book-entry system for recording the interests of its participants and the transfers of interests betwoe Its participants. The oaitldpants will be responsible for maintaining records regarding the benefic al Interests of the mdivlwal purchasers of the Bonds. So long as Cede & Co. Ts the registered owner of the Bornfs, all payments of principal and Interest will be made to the depository which. In turn, will be obiigatM to remit such payments to its participants for subsequent disbursement to the beneficial owners of the Bonds. Imsifie The Authority will designate and contract with a suitable bank or trust company to ..jstee under a Trust Indenture to t------------ v^.ii act as bond registrar, transfer agent and act as Tmstee under a' Trust Indenture to be entered into by the Authority. The Trustee will act as bond registrar, transfer agent and paying agent. The bond register will be kept, transfers of ownership will be effected and principal of and interest on the Bonds will be paid by the Tmstee. The Authority will pay the charges of the Trustee for such services. Dfilivfiiy Within 40 days after the sale, the Bonds will be delivered without cost to the original purchaser at DTC. On the day of closing, the Authority wiil furnish to the purchaser the opinion of bond counsel hereinafter described, an arbitrage certification and a certificate verifying that no litigation In any manner questioning the validity of the Bonds is then ponding or. to the knowledge of officers of the Authority, threatened. Payment for the Bonds must be received by the Authority In Immediately available funds at its designated depositary on the day of closing. Qualified Tax-Exempt Obligations The Bonds will be designated by the Authority as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended (the "Code"), and financial Institutions described In Section 26^{b){5) of the Code may treat the Obligations for purposes of Sections 265(b)(2) of and 291(e)(i)(B) of the Code as if they ¥vere acquired on August 7. 1986.