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105 <br /> purchaser of the 2020 Bonds (the `Beneficial Owner") is in turn to be recorded on the Direct and Indirect <br /> Participants'records. Beneficial Owners will not receive written confirmation from DTC of their purchase. <br /> Beneficial Owners are, however, expected to receive written confirmations providing details of the <br /> transaction,as well as periodic statements of their holdings,from the Direct or Indirect Participants through <br /> which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the 2020 Bonds <br /> are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of <br /> Beneficial Owners of such 2020 Bonds. Beneficial Owners will not receive certificates representing their <br /> ownership interests in 2020 Bonds, except in the event that use of the book-entry system for such 2020 <br /> Bonds is discontinued. <br /> To facilitate subsequent transfers, all 2020 Bonds deposited by Direct Participants with DTC are <br /> registered in the name of DTC's partnership nominee, Cede & Co. or such name as may be requested by <br /> an authorized representative of DTC. The deposit of 2020 Bonds with DTC and their registration in the <br /> name of Cede&Co. or such other nominee do not effect any change in beneficial ownership. DTC has no <br /> knowledge of the identities of the actual Beneficial Owners of the 2020 Bonds;DTC's records reflect only <br /> the identity of the Direct Participants to whose accounts such 2020 Bonds are credited,which may or may <br /> not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping <br /> account of their holdings on behalf of their customers. <br /> Conveyance of notices and other communications by DTC to Direct Participants, by Direct <br /> Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial <br /> Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements <br /> as may be in effect from time to time. Beneficial Owners of the 2020 Bonds may wish to take certain steps <br /> to augment transmission to them of notices of significant events with respect to such 2020 Bonds, such as <br /> redemptions, defaults and proposed amendments to the security documents. For example, Beneficial <br /> Owners of the 2020 Bonds may wish to ascertain that the nominee holding such 2020 Bonds for their benefit <br /> has agreed to obtain and transmit notices to Beneficial Owners. In the alternative,Beneficial Owners may <br /> wish to provide their names and addresses to the registrar and request that copies of notices be provided <br /> directly to them. <br /> Redemption notices shall be sent to DTC. If less than all of the 2020 Bonds within a maturity are <br /> being redeemed,DTC's practice is to determine by lot the amount of the interest of each Direct Participant <br /> in the 2020 Bonds of such maturity to be redeemed. <br /> Neither DTC nor Cede & Co. (nor such other DTC nominee)will consent or vote with respect to <br /> the 2020 Bonds unless authorized by a Direct Participant in accordance with DTC's procedures. Under its <br /> usual procedures, DTC mails an Omnibus Proxy to the Trustee as soon as possible after the record date. <br /> The Omnibus Proxy assigns Cede & Co.'s consenting and voting rights to those Direct Participants to <br /> whose accounts such 2020 Bonds are credited on the record date (identified in a listing attached to the <br /> Omnibus Proxy). <br /> Because DTC is treated as the owner of the 2020 Bonds for substantially all purposes under the <br /> Trust Agreement,Beneficial Owners may have a restricted ability to influence in a timely fashion remedial <br /> action or the giving or withholding of requested consents or other directions. In addition, because the <br /> identity of Beneficial Owners is unknown to the County, to DTC or to the Trustee, it may be difficult to <br /> transmit information of potential interest to Beneficial Owners in an effective and timely manner. <br /> Beneficial Owners should make appropriate arrangements with their broker or dealer regarding <br /> distribution of information regarding the 2020 Bonds that may be transmitted by or through DTC. <br /> Principal,premium, if any, and interest payments on the 2020 Bonds will be made to Cede&Co., <br /> or such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to <br /> E-2 <br />