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Agenda 10-01-19 Item 6-a - Adoption of the Final Financing Resolution Authorizing the Issuance of $37,000,000 in Installment Purchase Financing for Various CIP Projects Including Refinancing County Debt
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Agenda 10-01-19 Item 6-a - Adoption of the Final Financing Resolution Authorizing the Issuance of $37,000,000 in Installment Purchase Financing for Various CIP Projects Including Refinancing County Debt
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9/26/2019 1:13:08 PM
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BOCC
Date
10/1/2019
Meeting Type
Regular Meeting
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Agenda
Agenda Item
6-a
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Agenda 10-01-19 Regular Board Meeting
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95 <br /> Principal, premium, if any, and interest payments on the 2019B Bonds will be made to Cede & <br /> Co., or such other nominee as may be requested by an authorized representative of DTC. DTC's practice <br /> is to credit Direct Participants' accounts upon DTC's receipt of funds and corresponding detail <br /> information from the Trustee, on the payable date in accordance with their respective holdings shown on <br /> DTC's records. Payments by Participants to Beneficial Owners will be governed by standing instructions <br /> and customary practices, as is the case with securities held for the accounts of customers in bearer form or <br /> registered in "street name," and will be the responsibility of such Participants and not of DTC (nor its <br /> nominee), the Trustee or the County, subject to any statutory or regulatory requirements as may be in <br /> effect from time to time. Payment of principal, premium, if any, and interest to Cede & Co. (or such <br /> other nominee as may be requested by an authorized representative of DTC) is the Trustee's <br /> responsibility, disbursement of such payments to Direct Participants is DTC's responsibility, and <br /> disbursement of such payments to the Beneficial Owners shall be the responsibility of Direct and Indirect <br /> Participants. The County cannot and does not give assurance that Direct and Indirect Participants will <br /> promptly transfer payments to Beneficial Owners. <br /> DTC may discontinue providing its services as securities depository with respect to the 2019B <br /> Bonds at any time by giving reasonable notice to the County and the Trustee. Under such circumstances, <br /> in the event that a successor depository is not obtained, physical certificates representing interests in <br /> 2019B Bonds are required to be printed and delivered. The County may decide to discontinue use of the <br /> system of book-entry only transfers through DTC (or a successor securities depository). In that event, <br /> physical certificates will be printed and delivered to DTC. <br /> The County and the Trustee have no responsibility or obligation to DTC, the Direct Participants, <br /> the Indirect Participants or the Beneficial Owners with respect to (1) the accuracy of any records <br /> maintained by DTC or any Participant, or the maintenance of any records; (2)the payment by DTC or any <br /> Participant of any amount due to any Beneficial Owner in respect of the 2019B Bonds, or the sending of <br /> any amount due to any beneficial owner in respect to the 2019B Bonds or the sending of transaction <br /> statements; (3) the delivery or timeliness of delivery by DTC or any Participant of any notice to any <br /> Beneficial Owner which is required or permitted under the Trust Agreement to be given to Owners; (4) <br /> the selection of the Beneficial Owners to receive payments upon any partial redemption of the 2019B <br /> Bonds; or (5) any consent given or other action taken by DTC or its nominee as the registered owner of <br /> the 2019B Bonds,including any action taken pursuant to an omnibus proxy. <br /> The information in this section concerning DTC and DTC's book-entry system has been obtained <br /> from sources the County believes to be reliable, but the County takes no responsibility for the accuracy <br /> thereof. <br /> E-3 <br />
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