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55A - RESO - GAS TAX BONDS
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55A - RESO - GAS TAX BONDS
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Last modified
10/30/2019 12:55:49 PM
Creation date
10/30/2019 11:40:51 AM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
55A
Date
11/5/2019
Destruction Year
2024
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U711MMITIND <br />DTC AND THE BOOK -ENTRY ONLY SYSTEM <br />The description that follows of the procedures and recordkeeping with respect to beneficial ownership <br />interests in the Bonds, payment of principal of, premium, if any, and interest on the Bonds to Participants or <br />Beneficial Owners, confirmation and transfer of beneficial ownership interests in the Bonds, and other related <br />transactions by and between DTC, Participants and Beneficial Owners, is based on information furnished by DTC <br />which the City believes to be reliable, but the City does not take responsibility for the completeness or accuracy <br />thereof The City cannot and does not give any assurances that DTC, DTC Participants or Indirect Participants <br />will distribute to the Beneficial Owners either (a) payments of principal, premium, if any, and interest with respect <br />to the Bonds or (b) certificates representing ownership interests in or other confirmation of ownership interests in <br />the Bonds, or that they will so do on a timely basis or that DTC, DTC Participants or DTC Indirect Participants <br />will act in the manner described in this Official Statement. The current "Rules" applicable to DTC are on file <br />with the Securities and Exchange Commission and the current "Procedures" of DTC to be followed in dealing <br />with DTC Participants are on file with DTC. <br />The Depository Trust Company ("DTC'), New York, NY, will act as securities depository for the Bonds. <br />The Bonds will be issued as fully -registered securities registered in the name of Cede & Co. (DTC's partnership <br />nominee) or such other name as may be requested by an authorized representative of DTC. One fully -registered <br />bond will be issued for each maturity (and each individual yield in the case of bifurcated maturities) of the Bonds, <br />in the aggregate principal amount of such issue, and will be deposited with DTC. <br />DTC, the world's largest securities depository, is a limited -purpose trust company organized under the <br />New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member <br />of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform <br />Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities <br />Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. <br />equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that <br />DTC's participants ("Direct Participants") deposit with DTC. DTC also facilitates the post -trade settlement among <br />Direct Participants of sales and other securities transactions in deposited securities, through electronic <br />computerized book -entry transfers and pledges between Direct Participants' accounts. This eliminates the need <br />for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities <br />brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a <br />wholly -owned subsidiary of The Depository Trust & Clearing Corporation ('DTCC'). DTCC is the holding <br />company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which <br />are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC <br />system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust <br />companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct <br />Participant, either directly or indirectly ("Indirect Participants'). DTC has a Standard & Poor's rating of AA+. <br />The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More <br />information about DTC can be found at www.dtcc.com; provided that nothing contained in such website is <br />incorporated into this Official Statement. <br />Purchases of Bonds under the DTC system must be made by or through Direct Participants, which will <br />receive a credit for the Bonds on DTC's records. The ownership interest of each actual purchaser of each Bond <br />(`Beneficial Owner') is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners <br />will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to <br />receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, <br />from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers <br />of ownership interests in the Bonds are to be accomplished by entries made on the books of Direct and Indirect <br />Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing <br />55.42116 <br />
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