Orange County NC Website
APPENDIX E <br /> BOOK-ENTRY ONLY SYSTEM <br /> Beneficial ownership interests in the 2025 Bonds will be available only in a book- entry system . <br /> The actual purchasers of the 2025 Bonds (the `Beneficial Owners") will not receive physical certificates <br /> representing their interests in such 2025 Bonds purchased . So long as The Depository Trust Company <br /> ("DTC ") , New York, New York, or its nominee is the registered owner of the 2025 Bonds , references in <br /> this Official Statement to the Owners of the 2025 Bonds shall mean DTC or its nominee and shall not mean <br /> the Beneficial Owners of the 2025 Bonds . The Trust Agreement contains provisions applicable to periods <br /> when DTC or its nominee is not the registered owner. <br /> The following description of DTC , its procedures and record keeping with respect to beneficial <br /> ownership interests in the 2025 Bonds, payment of interest and other payments with respect to the 2025 <br /> Bonds to DTC Participants or to beneficial owners, confirmation and transfer of beneficial ownership <br /> interests in the 2025 Bonds and/or other transactions by and between DTC, DTC Participants and beneficial <br /> owners is based on information furnished by DTC . <br /> DTC will act as securities depository for the 2025 Bonds . The 2025 Bonds will be registered in <br /> the name of Cede & Co . (DTC ' s partnership nominee) or such other name as may be requested by an <br /> authorized representative of DTC . One fully-registered certificate in the aggregate principal amount of <br /> each maturity of the 2025 Bonds will be deposited with DTC or its designee . So long as Cede & Co . is the <br /> registered owner of the 2025 Bonds , as DTC ' s Partnership nominee, reference herein to the Owners or <br /> registered owners of the 2025 Bonds shall mean Cede & Co . and shall not mean the beneficial owners of <br /> the 2025 Bonds . <br /> DTC , the world ' s largest securities depository, is a limited-purpose trust company organized under <br /> the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, <br /> a member of the Federal Reserve System , a "clearing corporation" within the meaning of the New York <br /> Uniform Commercial Code and a "clearing agency" registered pursuant to the provisions of Section 17A <br /> of the Securities Exchange Act of 1934, as amended . DTC holds and provides asset servicing for over 3 . 5 <br /> million issues of U . S . and non-U . S . equity issues, corporate and municipal debt issues, and money market <br /> instruments from over 100 countries that DTC ' s participants ("Direct Participants") deposit with DTC . <br /> DTC also facilitates the postArade settlement among Direct Participants of sales and other securities <br /> transactions in deposited securities through electronic computerized book-entry transfers and pledges <br /> between Direct Participants ' accounts . This eliminates the need for physical movement of securities <br /> certificates . Direct Participants include both U . S . and non-U . S . securities brokers and dealers , banks, trust <br /> companies, clearing corporations and certain other organizations . DTC is a wholly- owned subsidiary of <br /> The Depository Trust & Clearing Corporation ("DTCC ") . DTCC , in turn, is owned by a number of Direct <br /> Participants of DTC and Members of the National Securities Clearing Corporation, Fixed Income Clearing <br /> Corporation and Emerging Markets Clearing Corporation as well as by the New York Stock Exchange, <br /> Inc . , the American Stock Exchange, and the National Association of Securities Dealers, Inc . Access to the <br /> DTC system is also available to others such as both U . S . and non-U . S . securities brokers and dealers, banks <br /> trust companies, and clearing corporations that clear through or maintain a custodial relationship with a <br /> Direct Participant, either directly or indirectly (the "Indirect Participants" and collectively with the Direct <br /> Participants , the "Participants") . DTC has a Standard & Poor ' s rating of AA+ . The DTC rules applicable <br /> to its Participants are on file with the Securities and Exchange Commission . More information about DTC <br /> can be found at www.dtce.com . <br /> Purchases of 2025 Bonds under the DTC system must be made by or through Direct Participants, <br /> which will receive a credit for 2025 Bonds on DTC ' s records . The ownership interest of each actual <br /> & 1 <br />