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Cont. (Part 3)
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Vol. 1- City of Santa Ana Financing Authority (Police Admin. and Holding Facility)
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Cont. (Part 3)
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request, and the Auction Agent shall keep confidential any such information, including <br /> information received as to the identity of Bidders in any Auction, and shall not disclose any such <br /> information so provided to any person other than the Trustee, the Authority and Smith Barney, <br /> provided that the Auction Agent reserves the right to disclose any such information if it is <br /> advised by its counsel that its failure to do so would be unlawful. <br /> (d) Not later than 9:30 a.m., New York City time, on each Auction Date, the <br /> Auction Agent shall notify Smith Barney of the aggregate principal amount of ARS which are <br /> not then Fixed by delivering a Notice of ARS Not Fixed to Smith Barney by telecopy or other <br /> similar means. <br /> (e) The Auction Agent is not required to accept the Purchaser's Letter of any <br /> Potential Holder who wishes to submit a Bid for the first time in an Auction or of any Potential <br /> Holder or Existing Holder who wishes to amend its Purchaser's Letter unless it is received by <br /> the Auction Agent by 3:00 p.m., New York City time, on the Business Day preceding such <br /> Auction. <br /> 2.3. Auction Schedule. The Auction Agent shall conduct Auctions in <br /> accordance with the schedule set forth below. Such schedule may be changed by the Auction <br /> Agent with the consent of the Trustee and the Market Agent, which consent shall not be <br /> unreasonably withheld or delayed. The Auction Agent shall give notice pursuant to Section 4.3 <br /> hereof of any such change to each Broker-Dealer. Such notice shall be given prior to the first <br /> Auction Date on which any such change shall be effective. <br /> By 9:00 a.m. The Market Agent provides the Auction Agent with the Index. <br /> By 9:30 a.m. The Auction Agent advises the Trustee and the Broker-Dealers of <br /> the Maximum Rate, the Minimum Rate and the "AA" Composite <br /> Commercial Paper Rate or the Index, as the case may be, used in <br /> determining such Maximum Rate and Minimum Rate, as set forth <br /> in Section 2.2(a) hereof. <br /> 9:30 a.m.-1:00 p.m. The Auction Agent assembles information communicated to it by <br /> Broker-Dealers as provided in Section 2(b)(i) of the Auction <br /> Procedures. The Submission Deadline is 1:00 p.m., New York <br /> City time. <br /> Not earlier than <br /> 1:00 p.m. The Auction Agent makes the determination pursuant to Section <br /> 2(c)(i) of the Auction Procedures. <br /> By approximately <br /> 3:00 p.m. The Auction Agent advises the Trustee and the Broker-Dealers of <br /> the Auction Rate for the next Auction Period and the results of the <br /> Auction as provided in Section 2(c)(ii)of the Auction Procedures. <br /> Submitted Bids and Submitted Sell Orders are accepted and <br /> cn1-69760.2 - 5 <br />
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